USDCHF Short Bearish Butterfly

Price movement on the dollar-franc is forming a bearish butterfly (if the next wave makes it that far). This pattern has been drawn up really early, but we'll see what happens. The D point is approaching a key MONTHLY support/resistance area; we all know monthly s/r is stronger than weekly or daily! I will post this as an update below. If price does reach my PRZ, I ill assess fundamental material to support the movement. I will look to take profit around the 1.00000 mark- as always, the stop loss will be adjusted accordingly to bulletproof the trade once price moves in my favour.

Butterfly ratios

• B: 0.786
  C: 0.382-0.886
  D: 1.618-2.24
  xD: 1.272
  

評論:

評論: Above you can see the weekly and monthly charts where price has danced around this level of support/resistance, I expect this bearish harmonic will be no different!