AUDUSD - Bearish Butterfly
A Bearish Butterfly rested in the key resistance zone is usually a perfect setup for me, however, there is some imperfection in this setup.
A break and close above the previous Bearish Trendline. This is true, but at least it didn't break and close above previous structure, the finger cross.
The next thing I'm not comfortable in that the 4-hourly chart has an emerging Bearish Shark Pattern resting at point B, a break and close above point B would put this Butterfly Pattern at a disadvantage.
Being in the now is important, it is a valid setup, I'd engage it but I will watch closely and review it 3bars from now, which is 2-3hours time. #OPINIONLEADER#
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.