A bearish Butterfly pattern may be emerging in the NZD/JPY pair. As a long-term trade I am ordering the following trades should the entry prices be reached:
NZD/JPY
Sell 1 unit @ 67.260, SL= 68.30, TP=63.84
Sell 1 unit @ 67.550, SL= 68.30, TP=63.84
Sell 1 unit @ 68.000, SL=68.30, TP=61.30
As mentioned this is a longer-term trade which will be invalidated should the price fall below 56.86 before reaching the entry price. Also, the trade is more likely to become invalid if the pair shows gaps or longer-than-average candles (2 to 3 times longer). These are indicators that the pair may be moving to 70.5 or beyond to the 73.5/74 range.
I will post if I cancel the trade.
From the Desk of
Aaron Reid
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