2018Oct08 NZDCAD D1 Bullish Butterfly

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZDCAD has been on a downtrend. Price is also in a potential reversal zone of a bullish butterfly which is between the 127.2 to 161.8 Fibonaccci extension of AX leg. This is authenticated by the fact that price is within the 161.8 to 261.8 of Fibonacci extension of CB leg. The confirmation of the bullish bias is the presence of 2 breaks and close above the H4 trendline resistance. I am placing a buy limit order at 0.83801 (H4 candle break and close above the 2nd trendline resistance). Stop loss is precise being just below the swing low. The take profit target is at the 38.2 Fibonacci retracement of the AD leg. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:

Trade Setup: Bullish Butterfly
Price Entry 0.83801
SL 0.83166 | SL pips 63.5
TP1 0.87787 | TP1 pips 398.6
RRR1 6.28
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