chrystael
Short

ABCD AND BUTTERFLY PATTERNS

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
29 5 0
go just short

RSI divergence with price divergence too

good luck

Related Ideas

Awesome explanation. Thank you so much.

Good luck Trading!!
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In this kind of trade, i watch closely and have a small stop loss. Should i make any profit protect it in case te market wana go gaga.

If you were in since you woulda been in a small profit and protect it too.

However do your best.

Best of luck
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Hey chrystael, I just wanted to ask that, shouldn't you wait for the pattern to be complete before getting into the trade? Just wanted to know, why a trade should be taken at this level. Thanks!!!
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chrystael moneymaking
Why i should trade at this point are:
1. On a weekly chart, after the downtrend, there is usually a five wave abcde consolidation and which there will likely be a breakout from the 5th wave. So it is looking to me as ifthe market is going to its 5th wave to bounce before it breaksdown and breakout or probably fly away with this potential butterfly.

2. On daily chart, is an elliot wave count. Ig seems to be on the second part of wave called the correction wave with 3 counts after the first wave called trendy wave with 5 counts.
So potentially it sees bullish.

3. On dollar chart on a weekly chart, it went uo to a good weekly resistance probably by now should have formed a double top. And looking as if it will go down. So if it goes down, ther the pair will begin to rise.

However all analysis may be nade, but market is market and can go its way. So i do commend a good entry and risk to reward ratio.

Good luck bro
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looking at it in a bigger time frame. this is after a trendy part of elliot wave count and the third part of correction wave which is the c wave. trying to see ABCD harmonic pattern to finally form a potential bearish harmonic butterfly pattern.

im in this trade and let us see what it has.

a good risk to reward ration

i just hope this trade does as i say
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