IvanLabrie
Long

AUDNZD: potential contrarian setup

FX:AUDNZD   Australian Dollar / New Zealand Dollar
There's a quarterly time at mode downtrend expiration signaling a long trade is possible, whilst the daily chart shows a falling wedge with an uptrending RgMov, displaying a nice channel.
I'd suggest looking for an entry if the last daily high is breached with an up bar.
Entry would be a buy stop with a 1 atr stop under the last daily low.
Good luck!
Trade closed: stop reached
snapshot


Stop was too tight here.
Seems like it will complete a 5 wave advance soon, and correct, then it'll be time to reload and ride wave 3 in the daily.
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Waiting for a correction to get on board.
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Seems like the wedge was an optical illusion.
Time expired today for the daily downtrend, and we already have a bullish reaction.
We can expect to retest the level depicted by the horizontal line in the chart below:
snapshot
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IvanLabrie PRO IvanLabrie
Time at mode is no joke...

snapshot
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Looks like wave 4 up is a flat in the making.
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In related ideas as well...
I revised the EW count, this looks more accurate.
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Price action is looking rather bullish, but I'll wait to place my entry. Target wasn't reached but the downtrend timer is still running until the 30th.
You could go long now, but I'd rather wait.
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Waiting for a move above highest low, no trade for now, I'd rather wait until we reach the time at mode time target and not reach the target below or when we do reach it before time (or on time).
Either way, I suggest waiting.
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