RiazUddin
Long

EUR/USD Long 4hr Chart... Feedback Please?

FX:EURUSD   Euro / U.S. Dollar
Hi Guys,

I am a newbie trader and still learning so would like any feedback on this analysis (positive or negative).

Trading EUR/USD             on a 4 hour chart.

I intend to place a long order for the following reasons

1. The stochastic oscillator is below 20 so the pair is oversold

2. The RSI is hovering around the 30 mark so in an area where it shows that the pair is oversold

3. I have identified a bullish butterfly pattern. The retracement and extension of each point are not spot on but are around the areas that I believe they should be

4. I was aiming for the price to get up to point C where I would intend to take profits. This is around the 0.618 on the fibonacci retracement levels

5. I was intending to put a stop loss @ 1.06654

What are your thoughts?

Thanks
Riaz
Good chart. Looks like you had a good eye here with your bullish butterfly pattern.
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