2018May18 AUDUSD H4 Possible Bearish Butterfly

There is a possible bearish butterfly for AUDUSD. Price has gone up today and possible D point completion for a valid bearish butterfly would be at 0.75995 to 0.76409 which are the 127.2 to 161.8 Fibonacci extension of leg AX. I would like bearish reaction/price action/confirmation at that level and sell there. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement of leg AD. The stop loss shall be just above 0.76409 (161.8 Fibonacci extension of leg AX). If this setup remains valid, then I will post the specific details. In case both point D and price entry are 0.75995, then the tentative details would be as follows:

Trade Setup: Possible Bearish Butterfly
Price Entry 0.75995
SL 0.76459 | SL pips 46.4
TP1 0.75413 | TP1 pips 58.2
TP2 0.75053 | TP2 pips 94.2
RRR1 1.25 | RRR2 2.03

Comment:

I entered the trade by placing a sell limit with the same parameters. My confirmation of the bearish bias is the rejection of further uptrend.

Comment:

TP1 hit! (May 23)

Comment:

TP2 hit! :) (May 29)