themarketzone
Long

Bullish trading scenario - Butterfly pattern

FX:GBPNZD   British Pound/New Zealand Dollar
Previous setup in $GBPNZD resulted with a huge daily rally from AB=CD pattern completion to 2.24 which was my final target zone.
2.23-2.24 is daily structure zone (currently resistance).
Since then, the price pulled back and formed what could be an aggressive C entry ( bullish ) for a bearish Butterfly pattern.
Basically the scenario suggests that $GBPNZD will complete bearish Butterfly pattern near its 200 SMA line (shorting opportunity near 2.27).
Aggressive traders can try and buy GBPNZD             between 2.18 and 2.2 (based on smaller time frames) and aim for 2.24 and 2.27 as swing trading target options.

Conservative traders should wait for GBPNZD             to break above the 50 SMA line and than place a stop loss below the Fast SMA line with anticipation that these two MAs will act as sufficient support lines in GBPNZD             way up (this is the scenario I'm showing in the chart with 1.5 R/R)

Tomer, The MarketZone.net

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Tomer J,
The Market Zone - You trading Edge
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