Idea is based on a combination of Elliot Wave theory and median line analysis. In addition Fibonacci extensions are used for target placement. The chart contains the rationale behind this technical analysis along with specific targets and stop loss. Good luck
Careful going long here. We are in for a drop! I'd wait for a few more bars and give it time to mature to get in. Good luck!
NQunlocked
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you are right Zen, I kept that stop loss real tight!. we definitely need more confirmation! Thanks mate
ZenMasterFX
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From my experience....after a big move down...usually it takes a while for dust to settle...allow it to mature...I would wait for 3-5 bars before getting in.
NQunlocked
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Closed it...you are right. That is my pitfall! in all honestly. I always want to catch the moves too soon!. thanks again
ZenMasterFX
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Don't catch a falling knife. Wait until the knife breaks...dropping to the floor flat faced...then trade it. Hope I helped! Cheers! You might want to look at the AUDUSD instead. That one is getting ready. Cheers mate.
NQunlocked
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AUDUSD is going to take a long before going up! but IT will go up!....
ZenMasterFX
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I agree. Wait for it. :)
Scloneh
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Don't know dude, the drop was really hard, and it still have time and power to get more down, in both cases, AUDCAD & AUDUSD, look the leg that make new highs early July it is consistent with a B wave and an aggressive down run to make C