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Snehath
May 24, 2016 6:25 AM

NZDUSD Shark pattern happening at 0.77 region  Long

New Zealand Dollar/U.S. DollarFXCM

Description

3 weeks ago I posted that the 0.77 level is key to watch for NZDUSD. I see a nice pattern to enter a long position. Will look for further confirmation before pulling the trigger.

Trade active

Beautiful harmonic reaction at the 0.77 level. I am up about 40 pips and will switch the BE and continue to hold this for a big move.

There is a triple bottom in the H4 chart suggesting a strong reversal

Comment

Type 2 test of the M30 trade

Trade closed manually

High impact news - closing the trade with a 20 pip loss.
Comments
Edgeopt
What is Type 2 test?
Snehath
This is something we use in harmonics trading. A Potential Reversal zone (PRZ) can be tested 2 times.

The first test is a fast reaction and the 2nd one usually results in a bigger move.
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