Bearish Butterfly pattern - short at 1.30300 - (sorry D point is out of screenshot at 1.30300)
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Butterfly has gone to the 1.618 extension ....thats the problem with the butterfly...can be either 1.272 ext or 1.618....my stop is over 1.305.....so covers this possibility.....
Butterfly has gone to the 1.618 extension ....thats the problem with the butterfly...can be either 1.272 ext or 1.618....my stop is over 1.305.....so covers this possibility.....
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Looks like the bearish butterfly did its job, although unusual to see price go higher straight after...its just held nicely at 1.30350 .618 retracement...so looking good so far
Looks like the bearish butterfly did its job, although unusual to see price go higher straight after...its just held nicely at 1.30350 .618 retracement...so looking good so far
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Take profit ...safe option is around 28.25......however , I will be watching oil.....if its bullish and goes on a 5th wave unto 55-60 area...then I will be targeting 1.25 (double bottom)
Take profit ...safe option is around 28.25......however , I will be watching oil.....if its bullish and goes on a 5th wave unto 55-60 area...then I will be targeting 1.25 (double bottom)
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Ive exited the trade, very small loss incurred, the butterfly was on a short timeframe and did reverse price to 1.30.( but its affects have worn off) ......price now looks too bullish and in a channel it wants too retest the top for a 3rd time, RSI no longer convincing, I will continue to monitor this alongside DXY.....I will look at price action and RSI around the 0.618 retracement level. and short on a pullback...an oil breakout upwards is due in the next 2-3 days and USDCAD will fall.
Ive exited the trade, very small loss incurred, the butterfly was on a short timeframe and did reverse price to 1.30.( but its affects have worn off) ......price now looks too bullish and in a channel it wants too retest the top for a 3rd time, RSI no longer convincing, I will continue to monitor this alongside DXY.....I will look at price action and RSI around the 0.618 retracement level. and short on a pullback...an oil breakout upwards is due in the next 2-3 days and USDCAD will fall.
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Im loving the butterfly today !!!
USDCAD now looks to be headed for 1.315 as this is end of the AB=CD impulse @ 1.618 ext and also .786...fib..(the butterfly fib)....so I will be shorting at 1.315......this could be the road to the 1.34 area ...see my previous post on USDCAD...either way its very likely a reversal at this level....
Im loving the butterfly today !!!
USDCAD now looks to be headed for 1.315 as this is end of the AB=CD impulse @ 1.618 ext and also .786...fib..(the butterfly fib)....so I will be shorting at 1.315......this could be the road to the 1.34 area ...see my previous post on USDCAD...either way its very likely a reversal at this level....
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5 wave and ABC correction....shame I will be in bed and miss this!!!
5 wave and ABC correction....shame I will be in bed and miss this!!!
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oops,, here is the chart
oops,, here is the chart
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Butterfly top pattern looks likely due to the 0.786 retrace.....so short at D ...TP 1.3065........
Butterfly top pattern looks likely due to the 0.786 retrace.....so short at D ...TP 1.3065........
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Heres the right chart!!!
allow stop loss to 1.318....as butterfly could extend to 1.618 extension and finish around 1.3110
Heres the right chart!!!
allow stop loss to 1.318....as butterfly could extend to 1.618 extension and finish around 1.3110
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should have read SL @ 1.3118
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Nice !
Nice !
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This is still a topping formation..the 5 wave sequence confirms this....just adjusted stop loss a little to allow for a longer spike...longer ABC correction with this pattern :0)))
This is still a topping formation..the 5 wave sequence confirms this....just adjusted stop loss a little to allow for a longer spike...longer ABC correction with this pattern :0)))
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Another butterfly...if you aren't in...another short opportunity.....1.33108
Another butterfly...if you aren't in...another short opportunity.....1.33108
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correction......1.3108
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lets get it right... 1.31308.......there
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Just completed ..so shorted at 1.3132.....SL is over 1.35......reason is because 1.35 is the next fib line of resistance....
Just completed ..so shorted at 1.3132.....SL is over 1.35......reason is because 1.35 is the next fib line of resistance....
Bình luận:
1.3474...this is a reversal level ...0786 fib....I think price will finallyt urn down now...target is the 1.295 resistance area.....
1.3474...this is a reversal level ...0786 fib....I think price will finallyt urn down now...target is the 1.295 resistance area.....
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numbers are confusing...its 1.31474
Đóng lệnh: đạt mục tiêu:
Ive taken profit on two of the shorts at 1.30005
Ive opened a small long position with TP of 1.3105
I will let my other short run for now...
Ive opened a small long position with TP of 1.3105
I will let my other short run for now...
Đóng lệnh: dừng lỗ:
my long was Stopped out. (small amount)..it was a bit risky I was going against trend and had too tight a stop....
I made a lot on the short so not too fussed...
It may have bottomed at 1.30....but I wont be buying again unless we are around 1.295 area......it should bounce off one of these prices up to 1.309...1.3105....I will be shorting in that area....
I made a lot on the short so not too fussed...
It may have bottomed at 1.30....but I wont be buying again unless we are around 1.295 area......it should bounce off one of these prices up to 1.309...1.3105....I will be shorting in that area....
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TAKEN PROFIT ON SHORT FROM 1.313
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Gone long at 1.2955
SL 1.2935
TP 1.306 - 1.31 area...watch price action
SL 1.2935
TP 1.306 - 1.31 area...watch price action
Đóng lệnh: dừng lỗ:
Another valuable lesson learned......rushed in a bit too early on this one...
Here we are ...point D now clear.......