EURAUD 4 HR: Pattern Entry for Trend Continuation

FX:EURAUD   Euro / Australian Dollar
I'm looking at two things here on the EURAUD             . Bigger picture is a potential bearish trend continuation trade as price action looks to make a retracement into a previous shelf of structure.

Around that same level lays a potential bearish butterfly pattern completing at 1.618 & 1.272 Fibonacci confluence . Adding to that we have more ratio confluence in the form of a 78.6 & 50% Fibonacci retracements from previous structure highs.

Just for a little added confidence this potential butterfly would complete a the 1.44000 which is a psychological round number.

If you didn't see it already (shame on you, lol) I broke down this trade in my most recent Weekend Review video on YouTube. https://www.youtube.com/watch?v=mhkg_pCkA6Y&list=UUVveEks3MWZqOsvzTF_LGQg

Today's my off day, but I wish you guys a great week of trading!

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Hello Akil....
A small clarification....If you do have sometime, could you go through this link on Babypips and look at the characteristics given for each pattern. They sound extremely confusing, though I wasn't till now, now I am a little.
Please post your comment back here.
Nice one Akill, there is also a bat pattern ( completing a lil bit higher than your buterfly ) its amazing how mutch profit you can get by entering a pattern with the higher time frame trend gives you the posibility of taking extended targets, I have taken a EURJPY trade 1 on 2 Risk/Reward for first target and around 1 to 10 on the second target... that's awesome :D
+1 Reply
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