My Ironclad Rule

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

readbud - get paid to read and rate articles
Your Ad Here

Wednesday, April 14, 2010

GBPUSD : Bearish Butterfly


This is the overview of the completed extended butterfly. The D has completed its projection at 2.618 BC, around 50pips above the 1.618 XA projection. Actually, I'm expecting a powerful reversal but it looks like this pair is emerging another bearish butterfly pattern. Beware of the yellowed fibonacci retracements. If it breaks the 0.786 XA, the butterfly will be valid. I would consider to buy after confirmation and the projection of D is at 1.618 BC at 1.551 or 1.27 XA at 1.552. 

No comments:

Post a Comment