I will need to see a candle confirmation at the formation of this bearish butterfly.
Although we are trading in the sell zone, we are in a counter-trend trade.
Confirmation of Entry, Stops and Targets will be sent to my inner-circle
I don't mind butterflies in nature, but in TA they look really nasty to me. There are a lot of preconditions to be fulfilled if this is to become butterfly pattern, but as we can see from yellow marked area, that this can happen in matter of one 4H candle.
First, LTC should't rise above point C.
Secondly, both supports marked red will have to get broken, together ...
GBPUSD on the higher timeframe it is on its bearish move. On the H4 chart, interestingly the entry price for the bullish butterfly(cyan) is the exact price I'm exiting my Target2 on my Bearish Butterfly Pattern Type 2 Trade.
I will wait for the candle form up based on H4 chart and that will help me decide should I engag a counter-trend trade?
And if I did, ...
If you are in my inner circle, you should know that I'd already shorted GBPUSD and it has already attained 204pips as the 1st target has been achieved, waiting a bit more for target 2 to be fulfilled.
What's interest me more is that my target 2 completion ends at a butterfly completion.
Yes, I can turn and reverse the trade the trade and go long straight or I ...
sell to Leg D
on the impasse of brexit decision
the backstop of the hardborder between northern ireland and republic of ireland
on the declining number of wages and bonusses in the UK
increased number of unemployed benefits application in the UK
hopefully this helps the price to slide down the harmonic leg.
Hi pros !
target 1.15900 because it's .618 of CD
winning ratio: 2.5
-2 or 3% MM no leverage
-move SL to break even when 1:1 or 1:2 winning ratio
Feel free to share your toughts
Like if you agree
Have a nice week!