AM I looking at a Bullish Butterfly

FX:AUDUSD   Australian Dollar / U.S. Dollar
Currently we are in a confirmed downtrend. But does that mean we are not able to make any highs. We may be looking at a retracement coming up. We can go as far as my purple box, which is at the 78.6 88.6 area. We can even go higher to the 100% level of the fib retracement. As long as we do not violate that previous high we are still in a downtrend. So let's look at price action and trade what we see. The trading plan is to take a sell.

Try not to manipulate your brain and countertrend trade and miss the move to the D completion. If price fails to break that previous High look for that D completion to be your target. Try and go for the major move, and not the minor moves i.e. countertrend trading. This requires patience. If you would like to scalp or do anything else, do with within your trading plan.... meaning take only sells, you risk reward is better that way.


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