Hi guys, here we have a Bearish butterfly pattern formed on the NZD/CAD currency pairs on a daily chart, this is a potential trading opportunity with a risk reward of just over 1:2
The valid measurements for a butterfly confirmation are:
A-B: 0.786
A-C: 0.382-0.886
B-D: 1.618-2.24
X-D:1.272
I'm delaying entry on this trade because both ZND and CAD are performing weakly right now, I will wait for the overnight news announcement, test of the resistance and MACD to begin to show a sell off.
I hope you's all day a great week again trading folk and good luck.
Sorry that the pattern has been slightly obscured by the fibonacci tool
If you wish to connect, let a comment below or send me a message
The valid measurements for a butterfly confirmation are:
A-B: 0.786
A-C: 0.382-0.886
B-D: 1.618-2.24
X-D:1.272
I'm delaying entry on this trade because both ZND and CAD are performing weakly right now, I will wait for the overnight news announcement, test of the resistance and MACD to begin to show a sell off.
I hope you's all day a great week again trading folk and good luck.
Sorry that the pattern has been slightly obscured by the fibonacci tool
If you wish to connect, let a comment below or send me a message