XAUUSD Cypher/Butterfly Short (Daily chart)

FX:XAUUSD   Gold Spot / U.S. Dollar
I've been following these two potential pattern formations for some time now and the recent higher close candle ( 01 /12/2015) only adds to a likely completion of the formations. Stops need to go above 1344.87 and Target 1 is at 1235.09 (a nice even-handle). I will most likely wait for confirmation doji /ungulfing candles or a Double top at the 1299.13 entry point (another good psychological number), since a pattern on the Daily involves a bit more risk than what I feel comfortable with.

What you do with this idea is your own responsibility!!!

Cheers traders and good luck!


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