NZD/USD: Broke the trendline, now on to a possible bearish bat?
We broke the (blue) trendline, so we might see a re-test and/or some consolidation before we possibly go further up.
If we do then this possible bat pattern is on my radar. We are still to surpass B so it is still young, but worth mentioning imo.
2 trades on the chart based on a possible bat completion, SL above X and the round 0.6700 level, I would prefer to have it above 0.6750 so I might still change that...
2 targets are the conventional 38.2 and 61.8% retracements of CD. I will probably take 70-80% profit at TP1 and leave the remainder open for TP2 based on my pattern trading analysis.
Please note that I will take my targets a whee bit higher than the actual fibs, i.e. at the round 0.6500 and 0.6400 for obvious reasons.
If we do then this possible bat pattern is on my radar. We are still to surpass B so it is still young, but worth mentioning imo.
2 trades on the chart based on a possible bat completion, SL above X and the round 0.6700 level, I would prefer to have it above 0.6750 so I might still change that...
2 targets are the conventional 38.2 and 61.8% retracements of CD. I will probably take 70-80% profit at TP1 and leave the remainder open for TP2 based on my pattern trading analysis.
Please note that I will take my targets a whee bit higher than the actual fibs, i.e. at the round 0.6500 and 0.6400 for obvious reasons.
