moneymaking
Long

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!!
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