EUR/NZD: Butterflies on their way to break resistance?
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...
