Jul 29, 2011

NZDUSD H1 Bullish Bat Pattern - 29 July 2011

29 July 2011

Bullish Bat Pattern On NZDUSD Hourly Chart.

This pattern is validate by 50% retracement of XA at B point and 88.6% retracement of AB at C point.

1.27AB=CD @0.8641.
1.618BC @0.8633.
0.886XA @0.8630.

Enter long position at 0.8635. This situation show a sharp reversal after price action testing the PRZ. I had exit my position at 0.8689. The reason is i just don't like hold my position on the last week of the month. As next week is new week of the month, there are many fundamental news which could easily change market sentiment very fast. Usually on 1st week of the month market tends to be indecisive and we could see wild swing as different surprises dominate market sentiment.On August 2 (Tuesday) also will be a deadline for congress to raise debt ceiling in US. Although price action manage to rally higher from my exit point i'm satisfied with this trade. This trade produce me a nice fast 54 pips profit.


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