2018Jun01 GBPNZD H4 Bullish Butterfly
This is an update of a previous trade idea (tradingview.com/chart/GBPNZD/sJuzid5j-2018May28-GBPNZD-D1-Possible-Bullish-Butterfly-Bat/). The bullish bat is no longer valid as price did not hold at 88.6 of XA. The confirmation of the bullish bias is due to a green candlestick which broke and closed above the resistance of the diagonal downtrending channel. I am placing an aggressive buy limit at 1.90720 as it was a resistance of a previous swing high, expecting the level to hold and become a new support upon retest. Stop loss is now based on ATR x 2 while the take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD. I will cancel this pending order if price goes to TP1 before it gets triggered. The trade details are as follows:
Trade Setup: Bullish Butterfly
Price Entry 1.90720
SL 1.89420 | SL pips 130.0
TP1 1.92444 | TP1 pips 172.4
TP2 1.94409 | TP2 pips 368.9
RRR1 1.33 | RRR2 2.84
Trade Setup: Bullish Butterfly
Price Entry 1.90720
SL 1.89420 | SL pips 130.0
TP1 1.92444 | TP1 pips 172.4
TP2 1.94409 | TP2 pips 368.9
RRR1 1.33 | RRR2 2.84
Note
SL hit! (June 4)
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Related publications
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.