NZDUSD Potential Bearish Butterfly
NZDUSD had a bat setup that was invalidated by point D exceeding point X, so now we might be seeing a Butterfly. Could be at the 1.272 or 1.618 extensions.
Per "Trade What You See" by Larry Pesavento, stops should go above the 1.618, and since entry at the 1.272 would be too much risk for me, I'll likely try to enter around the 1.618 to minimize that risk. In addition to that, the 1.618 does coincide with structure better than the 1.272.
TP 1 @ the .618 retracement of AD swing
TP 2 @ the 1.272 of AD swing
Per "Trade What You See" by Larry Pesavento, stops should go above the 1.618, and since entry at the 1.272 would be too much risk for me, I'll likely try to enter around the 1.618 to minimize that risk. In addition to that, the 1.618 does coincide with structure better than the 1.272.
TP 1 @ the .618 retracement of AD swing
TP 2 @ the 1.272 of AD swing
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