glennmercer
Short

NZDCAD Short: Bat + Gartley + 2 Channels + Larger TF Triangle

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
7 months ago
NZDCAD             is forming a tight PRZ at which two potential harmonic patterns are tightly confluent. This area is also confluent with point 5 in an ascending channel and potential point 4 of a descending channel . Also, an AB=CD pattern, inherent to the completion of Gartley's, is confluent in this same area. On the higher TF, this move could mark the continuation down from the rebound at point E of the expanding triangle. Since there has already been a 50% retrace from point E, there is a potential to ride this move down to the completion of a bullish bat pattern which is where I've placed the target.

Confluence in the PRZ:
  • Bearish butterfly completion
  • Bearish Gartley completion
  • AB=CD
  • Ascending channel resistance
  • Descending channel resistance
  • Larger TF expanding triangle
  • Larger TF potential bullish bat

Remember to assess your risk and be mindful of news events. The RBZ rate statement will be announced in under an hour!
7 months ago
Order cancelled: No trade on account of RBNZ rate volatility
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