Short

BTCEUR Butterfly short (15min)

Updated

Butterfly setting up nicely... C is formed and price is heading up to D at 1.272 ext. this will also be D of a larger Gartley pattern also bearish. Target is weekly pivot to the down side. As this is a leveraged trade, ensure you have a stop!

Trade active

Price went to 1.681 ext, now heading down if price goes down to €8600 i will move stop to break even and then hopefully follow price down to weekly central pivot at €8055 (1st profit target)

Note

price only got to 8800 not 8600 as i expected. in cases where you have a butterfly, the minimum you should aim for and what I should have done in this case is to project the XA leg. In that case the pattern did what it should have before moving higher so I could have a) taken some profit b) moved stop to breakeven.

Gmanns777

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