NZDCHF BEARISH BUTTERFLY and BULLISH CYPHER LONG? SHORT?
Identified 2 Advanced patterns on the NZDCHF.
Purple Triangles represent a BEARISH BUTTERFLY(Completed)
Blue Triangles represent a BULLISH CYPHER
Clearly we are now stuck at an impasse, to go LONG or SHORT, that is the question.
Taking a step back to the 1D time frame, we can see that price has moved in a pennant formation ( grey lines) While it is not within my trading plan to utilise such price patterns, a price breakout to the up/down side is known to follow the termination of a pennant. Thus, we know that SOMETHING is BOUND to happen, but which direction will it go?
Based on the 1D and 1W time frame, this pair seems to be in a downtrend, so i would be entering on the BEARISH BUTTERFLY. However i have yet to refer to the fundamentals such as the COT report and/or Currency Strength Meters.
Thus my current verdict would be to short this pair
Purple Triangles represent a BEARISH BUTTERFLY(Completed)
Blue Triangles represent a BULLISH CYPHER
Clearly we are now stuck at an impasse, to go LONG or SHORT, that is the question.
Taking a step back to the 1D time frame, we can see that price has moved in a pennant formation ( grey lines) While it is not within my trading plan to utilise such price patterns, a price breakout to the up/down side is known to follow the termination of a pennant. Thus, we know that SOMETHING is BOUND to happen, but which direction will it go?
Based on the 1D and 1W time frame, this pair seems to be in a downtrend, so i would be entering on the BEARISH BUTTERFLY. However i have yet to refer to the fundamentals such as the COT report and/or Currency Strength Meters.
Thus my current verdict would be to short this pair
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