Domain structures were observed on Allied Chemical MetglasTM ribbons, Fe40 Ni 40P14B6, using colloid on one surface as received. Sharply defined patches with fine domain structure were seen. They would disappear in fields large enough to produce saturation. Increasing tension also caused their disappearance, as did annealing. Long mobile boundaries were occasionally seen between patches and near regions of high stress. These observations suggest regions with local strain‐magnetostriction anisotropy which can be overcome by applied fields or stress, or eliminated by annealing.