My Ironclad Rule

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

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Friday, April 9, 2010

GBPUSD : Bearish Butterfly


As mentioned earlier, this pair still holds the probability of emerging the bearish butterfly pattern. We can see that the price has broken the weekly open resistance where this pair failed to break 3 times before. This time, this pair has made a significant upward move where I dare to say that it is a clear breakout. The projection of D is at 1.5370 (yellowed zone), 1.27 XA and 1.618 BC.

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