EURCHF, 1h, AB=CD and potential Butterfly

FX:EURCHF   Euro / Swiss Franc
If we start by looking at the underlying trend we are on a daily basis in a bullish trend BUT we may have a "Bearish reversal" - that is, a turn is in progress.
It is not yet confirmed there though. At the current time resolution (1h) we do have a confirmed.
Both of these tell me I should be careful about taking extended goals and also handling my trades aggressively.

A "AB=CD" pattern has just been completed along with RSI Divergence - which in itself may be enough for some to take a trade. But since we have a Butterfly pattern just below, I chose not to take this trade - partly because of that but also considering the possible downward trend that has begun. (I rarely choose to trade against trend).

Awaiting further testing of the entire PRZ and confirmation that we get a direct response before I possibly take a trade myself.

ALWAYS do your own analysis.

Henrik Siverhall
Pattern Trading Sverige

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