Tuesday, May 03, 2011

20110503 - GBPUSD Trade











Bullish Butterfly formed on 1H chart, PRZ converges around 1.6590. Making day shadow around 60pips, though it's so early in the morning to confirm it say day shadow.

Entered short at 1.6588, SL 1.6538 (50pips), 4H chart just below EMA50. Target 1.6670 (61.8% retracement of CD).

Another risk is, it could be a bigger bullish bat, which will be completed at around 1.6527.

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