Derek Frey was key speaker at the FXstreet.com International Traders Conference in October 2008 – Barcelona. Derek Frey has been trading forex and futures for almost 20 years. He has done everything from Financial planning with MetLife to being head trader of a number of firms including his own. He is quoted regularly in the Wall Street Journal, the National Post, Reuters, and other publications. He is also a sought after speaker at many trading conferences. He is now the Senior Market Strategist at FXGroundworks.com, where he assists in running a daily forex trading room and harmonic pattern service. His approach to the markets is unique in that he incorporates parts of Physics, Chaos theory, and gaming theory into his overall trading method.
Today we are seeing a Bullish Butterfly pattern develop in the GBPCHF pair. This pair is one of the more volatile ones so extra caution is advised. We are long from 1.3488 with stops at 1.3434. The target is move back to and even through 1.3689 so we are risking 54 to make 201 or silghtly better than 1:4 risk vs. reward ratio. This pair is bouncing off of all time lows so this is going to be a volatile trade and not for the weak hearted.