Min. and max. butterfly drawn on chart.
Entry at completion of the min. butterfly with SL above the max. butterfly completion.
Because completion of the butterfly will mean a break of that resistance zone, possible turning support then, we might see limited downside. Therefof I have my first target on top of that S/R zone, the 2 additional targets are at the conventional 38.2 and 61.8 retracements of CD.
I will take a conservative 50% at TP1, 30% at TP2 and 20% at TP3.
Sell orders are in place.
Be aware of the fact that there could be other patterns in play which will make this idea obsolete, I might post them later if I still have time...
Entry at completion of the min. butterfly with SL above the max. butterfly completion.
Because completion of the butterfly will mean a break of that resistance zone, possible turning support then, we might see limited downside. Therefof I have my first target on top of that S/R zone, the 2 additional targets are at the conventional 38.2 and 61.8 retracements of CD.
I will take a conservative 50% at TP1, 30% at TP2 and 20% at TP3.
Sell orders are in place.
Be aware of the fact that there could be other patterns in play which will make this idea obsolete, I might post them later if I still have time...
