My Ironclad Rule

"It's not how many pips you make, It's how much risk you take"

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Monday, April 5, 2010

USDCHF : Bullish Butterfly

As spotted early last week, this is the completed bullish butterfly. Mind how powerful the reversal is. It's kind of quite disappointing when we miss a trade like this. By the way, it happened during the NFP last friday where it sent the price to 161.8 XA, approximately at 1.0445 while in the same candlestick it made a HI at 1.0608 where it made point B for a hidden pattern - bearish gartley. Anyway the gartley didn't make any drastic change in the market as another pattern appeared - an inverted head and shoulder. The price then broke the neckline and found a resistance trendline. A very harmonic week for USDCHF!


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