Bullish Butterfly on support area

19 Ağu 2016

I setup my support area on a hourly chart. As the price reach the support area I noticed thanks to the RSI that the currency was oversold. On top of that I saw a nice bullish butterfly forming. I went long at 0.76332, set my S/L just below my support area and my T/P just above the pivot point. I'll take another look at what the price is doing in a few hours and might raise my T/P and S/L accordingly

19 Ağu 2016

İşlem elle kapatılmış

I decided to close this trade earlier because I was starting to think that it started to really look like the 4th wave of an elliott wave. I will keep monitoring this currencies pair to maybe go short at the top of wave 5