AUDUSD D CHART
BEARISH BUTTERFLY PATTERN
I’VE BEEN WAITING FOR THIS TO GET AROUND 0.7500 FOR A FEW WEEKS NOW! WE BOOKED 200 PIPS ON IT LAST WEEK TO THE UPSIDE, BUT NOW IT’S TIME TO SELL. THE BREAK OF LOW AT 0.6900 (BLUE CIRCLE) TELLS ME WE’RE LONG TERM BEARISH, SO I REALLY LIKE THIS OPPORTUNITY. BLUE DASHED LINES MARK PREVIOUS STRUCTURE AREA. NOTICE THE FIB CLUSTER AND STRUCTURE CONFLUENCE IN THE 0.7500-0.7535 AREA.
AUDUSD 4HR CHART
ABCD PATTERN
A TRUE 1.618 FIB EXTENSION (YELLOW CIRCLE) OFF THE 0.618 RETRACMENT (YELLOW CIRCLE) WOULD PUSH THE PRICE UP TO 0.7500 BEFORE ANY MAJOR DOWNSIDE. NOTICE THE FIB CLUSTER (CONFLUENCE) IN THIS AREA BETWEEN 0.7460-0.7510.
AUDUSD 1 HR CHART
ACCORDING TO ELLIOTT WAVE THEORY, WAVE 1 IS USUALLY EQUAL TO WAVE 5, AND WAVE 3 IS THE LARGEST. BEAUTIFUL WAVES LAST WEEK TO THE UPSIDE HERE ON THE AUDUSD. POSSIBLE 5-WAVE THAT WOULD TERMINATE IN THE 0.7500-0.7520 AREA.
STOP @ 0.7600, ENTRY @ 0.7500, TP @ 0.7250
100 PIPS : 250 PIPS (RISK : REWARD)
LEVELSFX 