glennmercer
Long

Possible Kings Crown Reversal Pattern on NZDCAD

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
4Hr Knoxville Divergence + Trendline Break + Kings Crown Pattern

After a bearish trend , NZDCAD             has printed bullish Knoxville Divergence, broken a major trendline, and made new highs that present us with an opportunity to go long on a possible Kings Crown reversal pattern. A trading strategy for this pattern is explained below:

1. Determine a total position size
2. Set weighted buy limit entries at the Fibonacci levels from swing low to swing high:
@ .786 => .8 * Position Size
@ .618 => .4 * Position Size
@ .500 => .2 * Position Size
@ .382 => .1 * Position Size
3. Set targets at Fibonacci extensions from swing high to swing low
T1 @ 1.272 Ext. (Close half of position and set stops to B/E on second half)
T2 @ 1.618 Ext. (Close second half of position)

Thanks to Nimer @ TFL365 for the Kings Crown Blog Post

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