NZDCHF Bullish Butterfly Completes
Aktualisiert
The pair has been on a down channel since the beginning of last trading week. We could be seeing some pause here at the completion of the Bullish Butterfly pattern
Pattern Identification
The bullish Butterfly completed around the 0.6910 levels
Trade execution
It would be great if this current candle closes to form a bullish engulfing pattern. At this moment the rice seems to be respecting the PRZ.
Another alternative entry can be to be more patient, wait for the price to break above the resistance TL (blue line) and retest it.
Pattern Identification
The bullish Butterfly completed around the 0.6910 levels
Trade execution
It would be great if this current candle closes to form a bullish engulfing pattern. At this moment the rice seems to be respecting the PRZ.
Another alternative entry can be to be more patient, wait for the price to break above the resistance TL (blue line) and retest it.
Trade ist aktiv
Price has already reached TP1 - 0.6963. Those in the trade could choose to take some partial profits and protect the rest of the position by shifting to break even.TP2 is at 0.6995-0.7000
Kommentar
Could this be forming a bull flag ? Can look to add on position to this long trade.Trade ist aktiv
Price trying to break above, confirming the bull flag.Added position just before it broke above at 0.6951, stops at 0.6935 (16pips)
The original positions stop loss moved to break even.
I have reduced my risk overall and how have a bigger position on this.
The issue with adding positions is that when the price reverses, all your existing profits can easily get wiped out.
Kommentar
Set my target at 0.69988. Missed by less than a pip because of the spreads.If price does not challenge and cannot get above 0.7, I will exit the trade manually and wait for a bigger correction. Now sitting on 67pips and 36pips profits
The SL for the trades are already moved to breakeven.
Trade ist aktiv
Took some profits at 0.6993 with a total of 70pips profits.The second batch that I tool is still open. SL already moved to 0.6954 (breakeven)
It is a risk free trade now. Leaving the target open
Kommentar
Had a good ride on this NZDCHF trade. I doubled my initial position on entry and added another mid way through. Still have one position open.Have a look at the M15 chart. Do I see a Head & Shoulders pattern forming?
Will exit my long position if price violates the support TL
Trade ist aktiv
Shifted my stops to 0.6986. Looks like there is a potential of a bigger/deeper correction. Was a good runTrade geschlossen: Stop wurde erreicht
Trade hit the protective SL, closed with +32 pips profits
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