Some possible patterns on EUR/NZD 4H
I found a quite a pleasant surprise on EUR/NZD pair - there is a variety of patterns forming which indicate a possible long on EUR/NZD.
Since I haven't mastered the fibonacci of this platform yet, I will explain about the measures of the Shark pattern and how can it be traded:
B has to a least reach 38.2 retracement from AB (it does not matter whether the tail or the bar itself touches it).
C has to be atleast 113 and not goes above 161.8 from X-A retracement.
D has two conditions. The first is that D must be from 161.8 to 224 B-C retracement and the second is that D must be in the area from 88.6 to 113 X-C retracement.
ATTENTION: The shark pattern is a harmonic pattern so it is not a good idea to trade it with a pending order BUT wait for the proper signal to go long.
Since I haven't mastered the fibonacci of this platform yet, I will explain about the measures of the Shark pattern and how can it be traded:
B has to a least reach 38.2 retracement from AB (it does not matter whether the tail or the bar itself touches it).
C has to be atleast 113 and not goes above 161.8 from X-A retracement.
D has two conditions. The first is that D must be from 161.8 to 224 B-C retracement and the second is that D must be in the area from 88.6 to 113 X-C retracement.
ATTENTION: The shark pattern is a harmonic pattern so it is not a good idea to trade it with a pending order BUT wait for the proper signal to go long.
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