2018Jun01 GBPNZD H4 Bullish Butterfly

1 Jun 2018

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 The bullish bat is no longer valid as price did not hold at 88.6 of XA.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

5 Jun 2018

Catatan

SL hit! (June 4)