NZD/USD: Possible bearish butterfly within a larger pattern?

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
105 4 5
Since we broke the "down" trendline drawn in blue, the way is up. I will be looking for longs but also for some short retracements... This butterfly is a possible short opportunity for such a retracement.

Mind the bigger pattern in the back though (see my previous post in the link below).
Due to the possible counter-trend nature of this trade and that bigger bat I will take conservative profit targets.

The black lines show that we made a nice harmonic move which could possible be extended into a bearish 3 drives pattern. I will be seeking confluence from that possible further harmonic extension to pick my short entry point off the possible min or max. (or in between..) butterfly .

My best bet would be the entry level of the trades on the chart, i.e. around the 61.8% retracement of XA of the larger bat!

I will take at least 70-80% at TP1, leaving only a small part open for the second target.
My TP2 will be at the 50% retracement instead of at the usual 61.8%, it is somewhat safer and it is above the 0.6400 round level.
One might want to consider a tighter SL, i.e. just above completion of the max. butterfly , but I like to keep it wider.

The setup might be altered depending on where the butterfly actually completes (if it does at all).
Trade closed: stop reached
looks good so far
KVE ddp922
Yes Sir! Orders filled! If you don't like too much risk you could already trail your SL closer to BE (0.6530 or so), but I'm keeping it where it is for the moment...
Still on...
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