NZDCAD completed an Inverted pattern between March 2014 and September 2016 on the Monthly charts.
However, the break-out didn't result in continued momentum (one of those "market does what ever it wants" lessons), but actually consolidated for a bit.
As my teachers loooove to say "Consolidation breeds patterns..." and lo and behold what do we get, the biggest setup I have ever seen in my life (being dramatic there) from April 2016 (Low of the Right Shoulder) to September 2017 (Mmmmm, that's now isn't it.)
Our Monthly Bat completed a couple of days ago and if you zoom in to the 4hr chart we have a setup, providing a potential 2618 entry strategy (visit http://www.tradeempowered.com if you wish to learn this strategy and more besides-I'm just a student)
Stochastics' on the Monthly, Weekly and Daily Time Frames are significantly oversold with the daily's starting to turn up, price action having found support at a significant level of structure ( Inv Right Shoulder).
The provides more than a decent profit potential and as the pattern has just completed the right entry strategy can help setup a very decent reward to risk profile (practice safe and responsible money management people).
The best thing about this opportunity for me is how the contrasting patterns (in their setup) complement each other. While we will always remain in "Market is that stubborn child that does what ever he/she wants" territory, the Long opportunity on the - having completed near but not closed below the lows of the right shoulder of the Inverted - may actually provide an even bigger profit target IF it acts as the catalyst for the anticipated break (for the second time) of the Inverted neckline.
IF this does in-fact act as said catalyst (and we will still need to see where the breakout occurs), THEN a tentative measured target for the Inv lies in the 1.07256/1.0730s level. But there's a ways to go to get there and many an obstacle to over come, but also lots of decent earning potential for all types of traders alike along the way (swing, day, counter trend, pattern...).
This is a looong term one guys (weeks into months or maybe a year or two), so pull out that lifetime stash of popcorn, beer, nachos, dogs, get the guys and gals round and lets watch them fireworks and see if we can bank some nice scrilla on this pair. We're hunkering down for the long haul!!!