A butterfly within and a Gartley pattern on NZDUSD
NZDUSD has been in a range since October which presents great harmonics trading opportunities. On NZDUSD we can identified a gartley pattern and a smaller butterfly. Both patterns have the potential reversal zone in the same price range. I would like to see price move up to the upper range of the reversal zone ( around 0.7970 level as shown on the red line) to execute a Sell trade.. This will give a better fill for a more decent risk/reward ratio. Stop loss above last high @ 0.8045.
I will move stop to break even and take profit for first unit @ 0.7869, second unit will be taken off near the lower end of the range @ 0.7742
This is a trade we will be monitoring in the coming week. However If price close above last high,we will have a bullish bias from then on.
I will move stop to break even and take profit for first unit @ 0.7869, second unit will be taken off near the lower end of the range @ 0.7742
This is a trade we will be monitoring in the coming week. However If price close above last high,we will have a bullish bias from then on.
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