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Hi contenders,
Looking for patterns on the 1h charts I observe a Bullish Butterfly on GBP/NZD using Fibonacci Retracements:
I can't insert the image at this time; the Browse button is not responding.
Managed to put the picture with Chrome...
Down trend Before resistance at ~2.035
Gone up (1) and retracing (2) back to ~78.8 % of (1)
Going back up again (3) to ~62% of line (2).
Going down now on line 4. Place order at confluence (ellipse) of 127% of line 1 and 162% of line 2 + Resistance.
Initial SL 140 pips lower after major retracement level and TP at 62% of line (4)
It still went down another ~45 pips, but now it is up ~160 pips with ~4 mio exposure.
Regards,
mosu_d
Looking for patterns on the 1h charts I observe a Bullish Butterfly on GBP/NZD using Fibonacci Retracements:
I can't insert the image at this time; the Browse button is not responding.
Managed to put the picture with Chrome...
Down trend Before resistance at ~2.035
Gone up (1) and retracing (2) back to ~78.8 % of (1)
Going back up again (3) to ~62% of line (2).
Going down now on line 4. Place order at confluence (ellipse) of 127% of line 1 and 162% of line 2 + Resistance.
Initial SL 140 pips lower after major retracement level and TP at 62% of line (4)
It still went down another ~45 pips, but now it is up ~160 pips with ~4 mio exposure.
Regards,
mosu_d