NZDCHF seems to be in a range for the past 1 months after the drop prior to that.
Pattern identification
Noticed in the earlier post, there was a potential Bat pattern forming, how that quickly became invalid and now we could be forming a bearish Shark pattern. If rice goes higher than PtC here, then this Shark too becomes invalid.
Shark Pattern to complete lower
Trade Execution
I am trying to take a short on the CD-leg move down. Reason is that we have a nice Shark in the making and that there is a strong resistance level at 0.7040/50 for a high probability short.
So let's monitor and see how price reacts to the resistance zone.
Pattern identification
Noticed in the earlier post, there was a potential Bat pattern forming, how that quickly became invalid and now we could be forming a bearish Shark pattern. If rice goes higher than PtC here, then this Shark too becomes invalid.
Shark Pattern to complete lower
Trade Execution
I am trying to take a short on the CD-leg move down. Reason is that we have a nice Shark in the making and that there is a strong resistance level at 0.7040/50 for a high probability short.
So let's monitor and see how price reacts to the resistance zone.
