The NZD/USD has formed a Harmonic Pattern - the Bearish Shark.
Reasons for entering the Trade:
Trade management:
Stop loss at reversal candle high.
Short on reversal candle confirmation.
Take profit 1 at 1X stop loss size
Take profit 2 at a 50% BC retracement.
after reaching the 1st take profit, move stop loss to entry point.
So far the 1st TP has been reached and we are taken out at the entry point.
Profit - 21 pips
You can look for short term entry point to reach the 50% BC level.
Reasons for entering the Trade:
- Fibonacci levels align to form a tight Potential Reversal Zone (PRZ).
- A reversal candle (Shooting Star) forms in the PRZ.
- The PRZ aligns with a resistance line
Trade management:
Stop loss at reversal candle high.
Short on reversal candle confirmation.
Take profit 1 at 1X stop loss size
Take profit 2 at a 50% BC retracement.
after reaching the 1st take profit, move stop loss to entry point.
So far the 1st TP has been reached and we are taken out at the entry point.
Profit - 21 pips
You can look for short term entry point to reach the 50% BC level.
