USDJPY Bullish Butterfly

6 Jun 2011
USDJPY bullish butterfly on 1H chart.

-B point at 0.786XA retracement

-C point at 0.707AB retracement

 

PRZ Zone:

-1.618BC @80.00

-1.27AB=CD , 1.27XA projection @79.80

PRZ zone is well define by a convergence of two important line (1.27AB=CD and 1.27XA) at same area of 79.80.Watch very closely once price action testing this important area.We may get nice opportunity to go long around 79.80 area.

UPDATE 8 Jun 2011

  Price action tested important level in the PRZ Zone. Pay attention closely once price action in the important PRZ level. If price action start to stall this will give a good hint of a valid pattern.

Update : I had enter this trade on 79.90.

  
SL moves to breakeven.Price action break 20SMA and uptrend channel.May be want to test 79.80 level again.










Update 13 Jun 2011 

Booked some profit at 38.2fib level. 









 

 Price action had bounce from 80.20-80.30 demand zone targetting for retest of 80.50-80.60 supply zone. If this supply zone is breach look for a retest at 80.90-81.00 supply zone. 81.00 physiological area could give some base to take some profit.



14 Jun 2011

Exit all position at 80.50. Total profit for this trade 190 pips.

Posted in: Bullish,Butterfly,USDJPY