AU (Updated Anaylisis)
Updated
I cleaned up the chart a bit for a better view of the Bullish Butterfly. The closed inverted hammer on the major quarter point is a good sign of bearish movement along with the re-tracement off of the 88.6 (thus far) which is indicative of the C point. I'm keeping watch to see but I don't feel that it's going to extend beyond that point especially after this bullish run that took place over that last couple weeks. If you look at my last analysis, the patter is playing out well. I'm not going in short just yet, but I'll be watching it like a hawk, as this is a chance to catch quite a few pips. If it hits my entry area, I expect more movement to the upside, and quite a few pips. This pattern will take some time to play out, so of course patience is a must. I will do another update on this pair within a couple of weeks depending upon movement, hope everyone is in profit.
Trade active
Still watching. As I stated the trades off of the daily chart take a while to play out. I'm currently waiting to trade the C to D. Based off of my analysis, there is heavy support at the .80547 area which is also the 88.6 PRZ. On the 4H I'm waiting on a re-test of that zone to see if I'm going to go short. Right now the pattern is still valid based off of the daily chart.Trade active
Trade is still active as the C point did not break on the Daily time frame. My overall bias is still bearish, and I expect the pattern to complete.
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