2018May21 EURUSD M15 Bullish Butterfly

There is a bullish butterfly for EURUSD. Price entry is guided by a bullish red pin bar at the potential reversal zone. It is recommended to enter by placing a buy stop at at 1.17287 which is the high of the candlestick prior to that pin bar which would serve as our confirmation of the rejection of the continued downtrend. Stop loss is just below the point X while take profit targets are set at 38.2 and 61.8 Fibonacci retracement levels of leg AD.

Trade Setup: Bullish Butterfly
Price Entry 1.17287
SL 1.17116 | SL pips 17.1
TP1 1.17569 | TP1 pips 28.2
TP2 1.17818 | TP2 pips 53.1
RRR1 1.65 | RRR2 3.11
Status/Remarks: TP1 hit!