$EURUSD Butterfly Pattern Potential
The current price action is looking like it is setting up for a C leg completion of a butterfly pattern. If this pattern completes it would be against the underlying trend. Price has a bit of distance to cover before hitting that C leg completion but if it does complete I would look for a limit order at D. My confidence in this actually completing is a bit low because we have a fairly clear bearish trend on the higher time frames.
Note
Price just touched the minimum level for C leg completion. As long as price stays below the A level then we are on our way to a pattern completion.Note
The B level has been violated so now if price action moves above C leg then setup is invalid. Let's see if we get a pattern completion here.Trade active
Trade is on! D level was hit and limit order triggered.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.