Bullish Butterfly Pattern Checkback on EURJPY

Aug 26

Here’s an interesting setup for all you counter-trend traders out there. A Bullish Butterfly Pattern checkback could provide a solid buying opportunity. Let’s break it down.

Current Overview:
- Bullish Butterfly Pattern: This pattern is setting up a potential buying opportunity for those looking to trade against the trend.

Strategy:

1. Entry: Look to enter a long position as the market completes the Bullish Butterfly Pattern.
   
3. First Resistance Level:
   

• Trendline Break: The first level of resistance will be at the Red Trendline on the chart.
  
• Partial Profit: When the market touches this trendline, consider taking partial profits.
  
• Stop-Loss Adjustment: Shift your existing stop-loss to the entry price at this point, creating a risk-free trade.
  

Final Thoughts:
This setup offers a clear strategy for managing risk while capitalizing on a potential counter-trend move. Remember, trading is all about planning and managing your risk effectively.

Are you considering this trade? What’s your approach to counter-trend trading? Share your thoughts and strategies below!

Happy trading, everyone! 🚀

Aug 27

Trade active

Target 1 Attained: 161.70(+78)
Shift Stops to Entry: 160.95(+3)

Risk-Free Trade Attained ☺