J_Graystone
Short

EURUSD Counter Trend Trading Zone with Butterfly Formation

FX:EURUSD   Euro / U.S. Dollar
705 2 14
I don't trade off of the daily charts but I am looking at this zone for a counter trend trading opportunity.
We have some fib confluence in that zone with a 1618, 1414, a 127 extension which completes a butterfly formation and most importantly, previous structure resistance .

I will be looking for a retest ( double top ) on a lower time frame and looking for RSI to go over bought showing some bearish divergence on the retest.

Good luck.

http://www.tradeempowered.co.uk

Look at that, a butterfly formation that has a supported stop area. Nice find!
+1 Reply
J_Graystone PRO Akil_Stokes
Thanks! Was eyeing up this area and spotted the advanced pattern formation there too.
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