The weekly NZDCAD has a large bullish CURCT price structure that has formed. It has not confirmed with a HCT candle yet but the price structure is indicating it will trigger soon. So I am using this price structure to guide my trading on the lower time frames. I am currently holding a short position on the 30m signal from Friday. (More on that in my next post)
The bearish pattern defined by the thicker blue lines is a invalid bearish pattern so I anticipate it failing to create a new low (anywhere below.8015). That's why I place my stops below the low of the invalid bearish pattern because I know if price breaks that low the price structure has failed.
There are also two CD legs in play on two bearish patterns and this along with the invalid bearish pattern meets my rules for a bullish CURCT. The initial upside target level on a bullish CURCT is the 100 level expansion level (.9633) derived from the AB leg on a AB=CD pattern. So I am essentially trading the CD legs of at least three patterns; two bearish harmonic patterns and an AB=CD pattern and many times it is more than three. So I am going to trade bullish price structures on the lower time frames with a little higher risk and any bearish price structures I will trade with lower risk until price reaches the 100 level expansion (.9633).
The bearish pattern defined by the thicker blue lines is a invalid bearish pattern so I anticipate it failing to create a new low (anywhere below.8015). That's why I place my stops below the low of the invalid bearish pattern because I know if price breaks that low the price structure has failed.
There are also two CD legs in play on two bearish patterns and this along with the invalid bearish pattern meets my rules for a bullish CURCT. The initial upside target level on a bullish CURCT is the 100 level expansion level (.9633) derived from the AB leg on a AB=CD pattern. So I am essentially trading the CD legs of at least three patterns; two bearish harmonic patterns and an AB=CD pattern and many times it is more than three. So I am going to trade bullish price structures on the lower time frames with a little higher risk and any bearish price structures I will trade with lower risk until price reaches the 100 level expansion (.9633).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.