Oztrade

BULL CYPHER - BEAR BAT - ADVANCED PATTERN NZDCAD - 240M

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
70 0 4
Hi All, another setup we have here potential opportunities in both directions

Daily Chart we were Bullish then Bearish and now appears we are in some sideways action - a period of consolidation.

This provides up with some opportunities to get involved in both directions until we have a clear picture of will this trend eventually continue Bearish or is this a sign that we will see trend rotation

Slowly working down towards the Mad Monday spike.

If we break below the mad monday spike further down the track, I will be highly focusing on the level between 81400 and 81800 - we have a very large advanced BAT pattern on the Monthly and a very good sign of previous major monthly weekly and daily support zones.

I have an alert set for the break below the mad monday spike - just to be sure we dont miss this opportunity. Nothing worse than scrolling back through your charts to see your predictions have been hit and sailed away without you.

Obviously we stick to our TTF - trading time frames but if we can see a reason for entry on the Monthly Bat in our TTF and all the stars align hopefully we can get involved to minimize risk and increase reward.

We see many traders jumping from time frame to time frame - and they win 10 straight patterns or orders, they bank 200 pips and then one trade on the daily and all their hard work is gone, that one trade puts them out. Being consistent on one time frame and trade your strategy in that TF will produce that positive outcome, remember Belief Action Results.

I also keep daily and weekly lists with my chart predictions and simply mark them off after they complete.

Good luck guys and hope this provides some good insight into what I am looking at on this chart.
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