Flat completed, upside on the cards Long

Australian Dollar/Japanese YenFXCM

Description

⋅ May 5, 2014 6:24 PM

Looks like we have completed a flat and should head higher now.
Alt. view would be that we are in a complex correction and
wave (A) and (B) are in fact wave (W) and (X) and that we are in
wave (Y) at the moment.

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Comments

traderWgun

⋅ May 9, 2014 12:07 AM

covered my long for +40 pips. alt. view

ForceFollower

⋅ May 9, 2014 8:03 AM

I took profit somewhere at those highs, because there's 61.8% ret. of this entire correction.

traderWgun

⋅ May 9, 2014 12:22 PM

congrats. are you still bullish on aud&nzd?

ForceFollower

⋅ May 9, 2014 1:20 PM

Yes. I'm bullish about NZDUSD and AUDCHF. However, I wouldn't recommend buying the latter at the moment; rather I'd wait for a correction and then go long. As for NZDUSD I find it in a good price level to buy. So I think about GBPUSD, but this requires a wider stop.

traderWgun

⋅ May 9, 2014 2:14 PM

Hmm, shooting star is taking shape on weekly GBPUSD and Nzdusd. Be careful ;)

ForceFollower

⋅ May 9, 2014 2:46 PM

Sure, I know. I don't expect new highs. Thanks.

ForceFollower

⋅ May 5, 2014 7:07 PM

I agree. A wave going up is quite likely next to come.