GBPUSD: A Butterfly I Like

I just finished tonights Syndicate video looking at EURUSD, NZDUSD, AUDUSD and EURAUD. One of the more exciting setups that I've been tracking since this morning has been the GBPUSD. Here's what I'm looking at.

If you're a follower of mine at all then you know that I'm not a fan at all of Butterfly patterns. Actually, of any pattern that completes outside of the X confinements. However this is a particular butterfly pattern that does spark my interest mainly because it offers me an area that I can place stops at that isn't in no-mans-land.

The chart on the left shows an area of consolidation on the daily timeframe and the lowest part of that support level is beneath the D completion of the butterfly pattern offering me a structure level to hide stops beyond.

As with any butterfly pattern a move back into the X leg has a much higher rate of completion than a move back into the 38.2 of A to D

Akil Stokes
Head Currency Trader at Trade Empowered

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