moneymaking

GBPNZD: Potential Butterfly Pattern

Long
FX:GBPNZD   British Pound / New Zealand Dollar
There might be a potential bullish Butterfly pattern in GBPNZD pair on 2 hour chart. Note that the D point completion is where we also get ratio confluence between 161.8% and 127.2% extension of XA leg. The D point completion is also between a really good support zone (marked by pink dashed lines). It's a very good risk to reward ratio trade.

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 mistakes, by leaving a comment below. Thank You.

Trade safe, Enjoy!!