Long

GBPJPY - Bullish Butterfly Extension

We have a Head and Shoulders Pattern and it's completion come into the Bearish Shark completion. Well, it gives a 1:1 Reward:Risk but we are looking at 140pips of risk.

WOW!! Not for me man!

So instead of buying at 1unit, I'm going to wait for the butterfly pattern setup, a bullish butterfly completing at 151.05 for a counter-trend trading opportunity off the 15minutes chart but a trend trading on the 4-hourly.

For this setup, I would rather miss the trade than to put myself in a 140pips risk.

RaynLim

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RaynLim

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