FX:NZDUSD   New Zealand Dollar / U.S. Dollar
1345 7 23
Still not late for an entry here. A nice bat pattern already triggered.
Price is reacting well to the PRZ and formed a pinbar .
As always i place three targets.
SL below the X point of the bat.

Best regards.


Good spotting on the harmonics. However harmonics can look good on the chart, but after a long spell of down trending (about 16 months) any reversal takes time to get set. IMO its wise to watch for market action on the retracements before jumping in. Until we see that a bottom has been formed any long trade will be risky.
+1 Reply
hi,
NZD USD reached today to low @ 0.6572 so what is the next expected scenario ?
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I am just a little worried that the bat pattern is just forming too perfectly. Would take a contranian view with support from the poor GDT and labour data and strong recovery in AUDNZD. The stop loss placed at X could prove to be a bull killer.
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FullTimeTrader jackemailmsg
Hello, we should follow the plan no matters what happens after. Trade is still active. Regards.
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I am just a little worried that the bat pattern is just forming too perfectly. Would take a contranian view with support from the poor GDT and labour data and strong recovery in AUDNZD.
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Yes that should work. We have also RSI Divergence.
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Ratios on this Bat pattern look pretty spot on, nice find.
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