EURCAD Butterfly Short Position
Updated
I haven't taken this trade as I don't usually engage with butterfly patterns, but I'm interested to see what happens with this one.
Perfect set up to enter a short position. May be a bit late now but for backtesting purposes why not.
SL @ 1.618 of AB Extension
TP1 @ .382 of AD Retrace
TP2 @ .786 of AD Retrace
Not a bad RR if you're aggressive enough to have gotten into a position.
Perfect set up to enter a short position. May be a bit late now but for backtesting purposes why not.
SL @ 1.618 of AB Extension
TP1 @ .382 of AD Retrace
TP2 @ .786 of AD Retrace
Not a bad RR if you're aggressive enough to have gotten into a position.
Note
So if this trade was placed we would have hit T1, trailed the stop to position entry or below. Would have been stopped out either taking tiny profit or breaking even depending on where you set the stop to. Again, I don't enter these patterns, but always worth it for the education.
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