There is a possible bullish butterfly for GBPNZD. D completion of the bullish butterfly at 1.90132 (127.2 of XA) is very near the D completion of the bullish bat at 1.90197 (88.6 of XA). With confirmation of the bullish bias, I will go long. Stop loss is just below point X of the bullish bat while the take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Possible Bullish Butterfly & Bat
Price Entry 1.90132
SL 1.89192 | SL pips 94.0
TP1 1.92980 | TP1 pips 284.8
TP2 1.94740 | TP2 pips 460.8
TP3 1.97588 | TP3 pips 745.6
RRR1 3.03 | RRR2 4.90 | RRR3 7.93
Trade Setup: Possible Bullish Butterfly & Bat
Price Entry 1.90132
SL 1.89192 | SL pips 94.0
TP1 1.92980 | TP1 pips 284.8
TP2 1.94740 | TP2 pips 460.8
TP3 1.97588 | TP3 pips 745.6
RRR1 3.03 | RRR2 4.90 | RRR3 7.93
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Please take note of the updated trade setup here:
