Looks like we might have a Bearish Butterfly for EURCAD on the Daily Chart:
- If we have time symmetry between the XA and CD legs we'll have two right triangles
- RSI(14, 20, 80) shows we'll be overbought at pattern completion
- B is only slightly above the 0.618 Fibonacci retracement
Watch out for pattern invalidation if D exceeds the 1.27 retracement (1.618 is still a valid reversal point but I think we'll lose time symmetry by then).
If your account's not very big (like mine!) look for good entry / exit on smaller timeframes knowing that the short term trend is bearish.
Sell @ 1.4664
BUY @ 1.4729 (SL)
BUY @ 1.4429 (TP)
---------------------------------
Risk: 65 Pips
Reward: 235 Pips
- If we have time symmetry between the XA and CD legs we'll have two right triangles
- RSI(14, 20, 80) shows we'll be overbought at pattern completion
- B is only slightly above the 0.618 Fibonacci retracement
Watch out for pattern invalidation if D exceeds the 1.27 retracement (1.618 is still a valid reversal point but I think we'll lose time symmetry by then).
If your account's not very big (like mine!) look for good entry / exit on smaller timeframes knowing that the short term trend is bearish.
Sell @ 1.4664
BUY @ 1.4729 (SL)
BUY @ 1.4429 (TP)
---------------------------------
Risk: 65 Pips
Reward: 235 Pips
