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.

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




UPDATE

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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Posted in: Bat,Bullish,NZDUSD

NZDUSD Bearish Butterfly

Bearish Butterfly pattern on NZDUSD H1 Chart.

-B point at 0.786XA retracement
-C point at 0.500AB retracement




PRZ Zone :
-1.27XA at 0.8320
-2.00BC at 0.8310
-AB=CD at 0.8300
PRZ zone just formed above 0.8300 physiological level. I will wait until this level is tested.

UPDATE 10 Jun 2011

 Price action had reverse before this pattern is complete and had reached at the B point. Although price action had reverse i did not take this trade as i think the pattern is still not yet complete. Sometime price action will reverse before testing any PRZ level. In this condition i will leave the pair and looking at other pair.

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Posted in: Bearish,Butterfly,NZDUSD