NZDUSD Bat formation at market
Updated
Hi guys,
today i want to show you a nice opportunity that NZDUSD is giving us. We recently broke an important structure level (black line) and now we are retracing back to this level.
We know we want to hop on the major trend so we want to short the market as soon as the price gives us a chance.
My reason for entry is an advanced pattern formation, specifically a bat formation that has already completed at 0,7178.
Until price breaks X leg we consider this pattern valid, so here's my levels:
Entry: At market
Stop loss: 0,7222s
Target1: 0,7138s
Target2: 0,7098s
We can also shoot for extended target, if you consider this as a trend continuation trade you can set first target near A leg and then second target down to next daily structure level (down to 0,69918).
Hope you enjoy this analysis.
Best of luck in the markets!
today i want to show you a nice opportunity that NZDUSD is giving us. We recently broke an important structure level (black line) and now we are retracing back to this level.
We know we want to hop on the major trend so we want to short the market as soon as the price gives us a chance.
My reason for entry is an advanced pattern formation, specifically a bat formation that has already completed at 0,7178.
Until price breaks X leg we consider this pattern valid, so here's my levels:
Entry: At market
Stop loss: 0,7222s
Target1: 0,7138s
Target2: 0,7098s
We can also shoot for extended target, if you consider this as a trend continuation trade you can set first target near A leg and then second target down to next daily structure level (down to 0,69918).
Hope you enjoy this analysis.
Best of luck in the markets!
Trade closed: stop reached
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