EURAUD 4 HR: Pattern Entry for Trend Continuation

28 lug 2014

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. youtube.com/watch?v=mhkg_pCkA6Y&list=UUVveEks3MWZqOsvzTF_LGQg

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

Akil