Yesterday formation changed it shape which drag the USD/CAD rate to SL point. Butterfly patterns may have their D points (the lowest ones) on Fibo 127% or 161.8% of XA line. I have opened my position and put SL below 127% – and as you can see on attached chart, USD/CAD moved back to the lower Fibonacci level. Formation now is almost completed – but without our active position.
Today BULLISH BAT on EUR/USD. Currency pair move sideways, but we can see a triangle forming from couple of months and it may help our harmonic pattern. Now RR ratio looks good, so without any concerns I have opened long position. Pin bar in D point, potential SL just 9 pips lower.
- BUY: 1.09482
- SL: 1.09390
- TP: 1,10340 (50% of the position)
