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NZDCAD Bearish Shark Pattern And Short Opportunity

NZDCAD Completed Bearish Shark Pattern at 0.87950
Consolidation Period.Looking for the next direction.

On the Upside:

We see a Bearish Gartley pattern emerging on the smaller charts.
Bearish Three Drives would be completed at 0.88100

CAD GDP will be released today. A better than expected CAD CPI may send the price below 0.87500

It is likely to test 0.88000 before CAD CPI data.

So our trade setups ( Based on Better Than Expected CAD GDP scenario )

SETUP #1

Trade: Short

Entry: 0.87950 – 0.88050

Stop: Above 0.88200

Target1: 0.87550 / Reached

Target2: 0.87400

Target3: 0.87000

SETUP #2:

Support Breakout:

Trade: SHort

Entry: 0.87500

Stop: Above 0.87600

Target2: 0.87400

Target3: 0.87000

Setup and Chart to follow:

NZDCAD SETUP

Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
  6. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

NZDCAD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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