GBPNZD: Potential Butterfly Patter (Weekly)

FX:GBPNZD   British Pound/New Zealand Dollar
There's a potential bullish Butterfly pattern forming on GBPNZD             Weekly chart. Note that the D point completion is near the lows of July 2013 (marked by red circle). Market will most likely be oversold near the D point completion.

NOTE: We don't get any ratio confluence between 127.2 % and 161.8%. Keep that in mind.

Trade Setup:
1. Use your trade management for the lot size
2. Long at 127.2% extension of XA leg
3. Stops go 10 to 20 pips below the 138.2% extension level of XA leg
4. The 1st target is 38.2% retracement of AD leg. When 1st target reached, move stops to break even
5. The 2nd target is 61.8% retracement of AD leg

Please correct me if I have made any mistake, by leaving a comment below. Thank You.

Trade safe and Enjoy!!
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out