EURAUD Gartley Pattern Butterfly Pattern ABCD Pattern 200SMA Short Forex Trading Idea

EURAUD Gartley Pattern Butterfly Pattern ABCD Pattern 200SMA Short Forex Trading Idea

Snapshot:

EURAUD Gartley Pattern Butterfly Pattern ABCD Pattern 200SMA Short Forex Trading Idea
EURAUD Gartley Pattern Butterfly Pattern ABCD Pattern 200SMA Short Forex Trading Idea

View it on TradingView

Reasons For Trade:

  1. Gartley Pattern completion in PRZ zone
  2. Butterfly Pattern Completion in zone
  3. ABCD Pattern completion
  4. Fibonacci confluence of 78.6 retracement and 127.2 extension of last retaracement
  5. 200sma in the zone
  6. Strong supply Area

Stop Placement:

Above supply zone

Targets:

as shown, there are 3 targets

  1. Structure based
  2. 38.2 Fib retracement from advanced pattern
  3. 61.8 FIB retracement from advanced pattern.

Trade Execution:

Wait for confirmation

  1. Take targets as you go along
  2. Tail stops on 3rd target as EUR can take a bearish rotation again to give large profits.

Concerns:

None

Planned News/Events Expected:

Week is packed with news

MonOct 26 5:00am EUR German Ifo Business Climate
TueOct 27 5:00am EUR M3 Money Supply y/y
8:30pm AUD CPI q/q
AUD Trimmed Mean CPI q/q
WedOct 28 8:30pm AUD Import Prices q/q
ThuOct 29 All Day EUR German Prelim CPI m/m
4:00am EUR Spanish Flash CPI y/y
4:55am EUR German Unemployment Change
8:30pm AUD PPI q/q
FriOct 30 3:00am EUR German Retail Sales m/m
4:00am EUR Spanish Flash GDP q/q
6:00am EUR CPI Flash Estimate y/y
EUR Core CPI Flash Estimate y/y
EUR Unemployment Rate

 

Post Execution Review:

Pending

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