Hi TradingView community!
Here we have a bearish butterfly pattern on NZD/CAD-0.28% visible on the 4 hour chart.
Conditions for a valid butterfly pattern are:
Take profit is set at 0.382 and 0.618 retracements of AD. At target 1, half position will be closed and the stop loss moved to breakeven.
Good luck!
Here we have a bearish butterfly pattern on NZD/CAD-0.28% visible on the 4 hour chart.
Conditions for a valid butterfly pattern are:
- AB can retrace up to 78.6% of the XA leg
- BC can retrace between 38.2% – 88.6% of AB
- CD can be an extension of 1.618% – 2.618% of AB
- CD can also be an extension of up to 1.272% – 1.618% of XA leg
Take profit is set at 0.382 and 0.618 retracements of AD. At target 1, half position will be closed and the stop loss moved to breakeven.
Good luck!