Reason to Entry:
-Valid butterfly pattern
-Fibonacci confluence (3)
-in line with rate hike event (AUD have correlation with Gold)
-wait for RSI confirmation
-wait for candle formation (double top or doji)
-if CD leg are too steep, it's a warning sign price will go higher and higher
-You can entry with butterfly pattern setup or wait for breakout of consolidation
Entry:
-127.2 of butterfly
-161.8 of butterfly
-breakout of consolidation
Exit:
-retest of A point of butterfly
-Equal measure move of the trend (161.8 extension)
Void if:
-CD leg of butterfly too steep
-price breakout the consolidation before touching 127.2 of butterfly
-Valid butterfly pattern
-Fibonacci confluence (3)
-in line with rate hike event (AUD have correlation with Gold)
-wait for RSI confirmation
-wait for candle formation (double top or doji)
-if CD leg are too steep, it's a warning sign price will go higher and higher
-You can entry with butterfly pattern setup or wait for breakout of consolidation
Entry:
-127.2 of butterfly
-161.8 of butterfly
-breakout of consolidation
Exit:
-retest of A point of butterfly
-Equal measure move of the trend (161.8 extension)
Void if:
-CD leg of butterfly too steep
-price breakout the consolidation before touching 127.2 of butterfly