Long opportunity for USD/JPY. A Bullish Alt Butterfly Pattern
has formed on the 6 hour time frame chart, and an entry
can already be made as the previous candle closed above the
entry level.
The weekly S1 really does seem to be supportive, hence,
placing the initial stop/loss as illustrated just below
it suffices, of course you can also place it below point D to
be on the safe side.
If price manages to close, or remain, above the 108.88/90
levels by the end of this week, then this pattern is ideally
something to be traded next week since there is still a lot
of news to be published today and tomorrow, thus making
an entry this late in the week precarious. However, those
seeking to make profits already can of course do so, but be
very cautious.
Trade 1 long (RvR ratio 2.25)
Entry: Close above 108.887
S/L: 108.330 (or x pips below point D)
T/P 1: 109.367
T/P 2: 109.755
T/P 3: 110.142
Trade 2 long (RvR ratio 2:1)
Entry: Close above 110.142
S/L: 109.514
T/P 4: 110.694
T/P 5: 111.397
As always, scale out your profits and adjust your stop/ loss
to suit your personal risk management profile.
Happy trading
has formed on the 6 hour time frame chart, and an entry
can already be made as the previous candle closed above the
entry level.
The weekly S1 really does seem to be supportive, hence,
placing the initial stop/loss as illustrated just below
it suffices, of course you can also place it below point D to
be on the safe side.
If price manages to close, or remain, above the 108.88/90
levels by the end of this week, then this pattern is ideally
something to be traded next week since there is still a lot
of news to be published today and tomorrow, thus making
an entry this late in the week precarious. However, those
seeking to make profits already can of course do so, but be
very cautious.
Trade 1 long (RvR ratio 2.25)
Entry: Close above 108.887
S/L: 108.330 (or x pips below point D)
T/P 1: 109.367
T/P 2: 109.755
T/P 3: 110.142
Trade 2 long (RvR ratio 2:1)
Entry: Close above 110.142
S/L: 109.514
T/P 4: 110.694
T/P 5: 111.397
As always, scale out your profits and adjust your stop/ loss
to suit your personal risk management profile.
Happy trading