GBPNZD - Bearish Shark Completion

This is an example of Harmonic patterns working perfectly on less traded cross pairs.

This is the GBPNZD, a super volatile currency pair which can easily move 300 pips in a single day, it might not be for everyone.

Pattern Identification

Bearish Bat completes at 1.7820 - 1.7840.

This is a pattern to sell.

Trade Execution

Wait to enter short at PRZ zone (1.7820 - 1.7840), jumping in at market open can be considered, but be aware of the worse R:R ratio.
SL will be at 1.7980 (160 pips risk)
TP is at 1.7450 (370 pips)

Trade will be invalidated if price breaks above PRZ convincingly and hits the SL level at 1.7980.

Komentarz:

On the 2nd retrest of the PRZ, the price actually broke above the PRZ.

Will only go short if the price closes below the PRZ this week.

Be cautious.

Zlecenie aktywne:

Went short after the H1 bar closed below the PRZ at 1.7815. Currently running at about 110 pips.

Komentarz:

Shifted my stop loss to protect my position at breakeven.

Moved SL to 1.7815, gonna ride it out hopefully to TP1 at 1.7450.

Zlecenie aktywne:

Broke even at 1.7815.

Re-entered at 1.7840, SL at 1.7920 and TP at 1.7520.