Kylan_Laymance
Long

Butterfly Pattern, USD/JPY, 15min

FX:USDJPY   U.S. Dollar/Japanese Yen
Here we see a Butterfly pattern on the USD/JPY             charts. the patterns is supported by a triangle or wedge shaped consolidation. I belive that the market will complete this pattern and return to the 1.618 extension of the BC             leg withing the next few hours.

I have place my entry,like always, at the equivalent of point B because it often allows me to receive a 2:1 risk reward ratio.

I have placed my stop at the structure support below the pattern with intentions of moving up to the current low of the pattern upon completion, because once the pattern breaks that structure level, it is a bust.

Lastly my limit is always placed at the 1.618 extension of all Harmonic patterns , just to maintain some consistency and take off a reasonable amount of profit.

Thanks for tuning in today, I hope all your trades go well, dont forget to like and comment depending on your stance, and also follow if you like what you see , and maybe you want a little more.

Until next time Good Trading!
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