My Ironclad Rule

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

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Thursday, April 8, 2010

GBPUSD : Bearish Butterfly [emerging]


I'm in short for this pair at 0.618 XA at 1.5250. My SL is 1.5300 while target is at 1.5150. I don't dare to take more because in bigger picture, I see an emerging bearish butterfly. If the price break recent HI (X) at 1.5320 or the candletick close above the resistance, the pattern will be valid. The projection of D is at 1.5370. I shall sell this pair if the price reach the price zone as I'm anticipating a PRZ there.

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