FX:AUDNZD Australian Dollar/New Zealand Dollar
hey, traders. We had a series of down impulses (red lines) separated only by corrections. This is a definition of a trend. As we know price tends to move in one direction until it shows the sign of reversal. The sign of reversal is a break of LL's and LH's structure. In this case priceaction instead of making a LH made a NSH , thus signalling us about the trend reversal. Note that I don't consider a consolidation boarder breakout to be a sign of reversal. Only violation of the most recent impulse's initial point (=LH) is the sign. As usual with advanced patterns, stops need to be beyond X. 1.13XA is the level i like most. The idea of this trade setap is to catch the second impulse of a new uptrend. Here 0,886XAshould serve as this second impulse's initial point and I look for 1.272XA inversion to be it's final point. Here I place my targets. Those of you who follow me long enough in this setups know that I close half as soon as price action retests the A-point's highest close. I breakeven the second part and enjoy the risk free trade to uncover itself. Support me with your 'likes'. If you are new and want me continue explaining my trading style then press 'follow' to get my charts. Don't forget to check my other ideas where I post this setup to get confidense in the setup's profitability. Until then, good luck. Let's see how it works.
Comment: if you were late to enter at 0,886 then don't enter at all. price invalidated the pattern by hitting X-point
Trade closed: stop reached: this one was stopped)