NZD/CAD - Bearish Butterfly - Harmonic Patterns Short

New Zealand Dollar/Canadian DollarFXCM

Description

⋅ Dec 4, 2020 8:35 AM

NZDCAD Short Idea.

Formation of a butterfly pattern with a tight convergence on the Potential Reversal Zone (PRZ) levels.

PRZ converges with a rising resistance line.

On a 4 hour chart we can see a large engulfing candle with a MACD Divergence.

Stop Loss at 1.41 XA

Take Profit 1 at 38.2 AD
Take Profit 2 at 61.8 AD

Happy Trading!

Trade active

⋅ Dec 9, 2020 4:24 PM

Move Stop Loss to entry point