xerxeschongxian26

NZDCHF BEARISH BUTTERFLY and BULLISH CYPHER LONG? SHORT?

FX:NZDCHF   New Zealand Dollar/Swiss Franc
Identified 2 Advanced patterns on the NZDCHF             .

Purple Triangles represent a BEARISH BUTTERFLY (Completed)
Blue Triangles represent a BULLISH CYPHER

Clearly we are now stuck at an impasse, to go LONG or SHORT, that is the question.

Taking a step back to the 1D time frame, we can see that price has moved in a pennant formation ( grey lines) While it is not within my trading plan to utilise such price patterns, a price breakout to the up/down side is known to follow the termination of a pennant . Thus, we know that SOMETHING is BOUND to happen, but which direction will it go?

Based on the 1D and 1W time frame, this pair seems to be in a downtrend, so i would be entering on the BEARISH BUTTERFLY . However i have yet to refer to the fundamentals such as the COT report and/or Currency Strength Meters.

Thus my current verdict would be to short this pair
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out