2018Mar26 USDJPY H4 Bullish Butterfly
USDJPY has recently been on a downtrend. There is a bullish butterfly, a trend reversal pattern, which completed on the H4 timeframe. Price entry (104.956) is guided by a candle break and close above the resistance of the diagonal channel. Stop loss is just below the D point while take profit levels are at the 38.2 and 61.8 Fibonacci retracement of the AD leg.
Trade Setup: Bullish Butterfly
Price Entry 104.956
SL 104.579 | SL pips 37.7
TP1 105.647 | TP1 pips 69.1
TP2 106.275 | TP2 pips 131.9
RRR1 1.83 | RRR2 3.50
Status/Remarks: TP1 & TP2 hit! :)
Trade Setup: Bullish Butterfly
Price Entry 104.956
SL 104.579 | SL pips 37.7
TP1 105.647 | TP1 pips 69.1
TP2 106.275 | TP2 pips 131.9
RRR1 1.83 | RRR2 3.50
Status/Remarks: TP1 & TP2 hit! :)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.