Butterfly on GBPUSD 4h
Pattern is close to completion. With last hours movements, PA is less than 100 pips away of projected point D.
As usual, evaluate how PA behaves on the zone to decide your entry.
Numbers now look like this:
Entry: 1.26418
SL: 1.2585 (Closest one. Wait for D to be totally defined and chose your stop wisely)
TP1: 1.27985 (.236 AD 2.65 RR)
TP2: 1.28954 (.382 AD 4.35 RR)
TP3: 1.29737 (.500 AD 5.70 RR)
and for the greedy ones...
TP4: 1.30521 (.618 AD 7.04 RR)
As usual, evaluate how PA behaves on the zone to decide your entry.
Numbers now look like this:
Entry: 1.26418
SL: 1.2585 (Closest one. Wait for D to be totally defined and chose your stop wisely)
TP1: 1.27985 (.236 AD 2.65 RR)
TP2: 1.28954 (.382 AD 4.35 RR)
TP3: 1.29737 (.500 AD 5.70 RR)
and for the greedy ones...
TP4: 1.30521 (.618 AD 7.04 RR)
Order cancelled
PA did not enter the zone... made a U turn and rose +225 pips without even reaching the 1.618 AB level @ 1.26828. This invalidates the pattern for me.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.