EUUSD Long - Butterfly Pattern; Wave Count; 4H Channel
Hello fellas! So, here's what EURUSD has been doing:
- It completed the butterfly pattern at 78.6 X-A;
- It completed the ABCDE wave count on 4H channel; and
- It's showing a reversal sign after showing the lower trend line of the 4H channel.
All at the same price area!
Still, it's much safer to trade with the trend, and this is a counter trend analysis! So it has a fair chance to fail. But hey... look at that sexy confluence! I'd consider a long position IF the price breaks and closes above 1.09950 (with strong close, of course).
- It completed the butterfly pattern at 78.6 X-A;
- It completed the ABCDE wave count on 4H channel; and
- It's showing a reversal sign after showing the lower trend line of the 4H channel.
All at the same price area!
Still, it's much safer to trade with the trend, and this is a counter trend analysis! So it has a fair chance to fail. But hey... look at that sexy confluence! I'd consider a long position IF the price breaks and closes above 1.09950 (with strong close, of course).