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- On record: Trade #xxxx1236 in MT4/FXCM accnt.
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(posted from a discussion in the original $AUDNZD chart/discussion thread: )
Other aspect of it is that, as I was struggling to "fit" a WW, I noted that price had retraced down to a 5-second position. This position is similar to the transposition of the 2-4 Line off of the Point-3, except that in this extreme and RARE case, the transposition of the 2-4 Line is done off of the Point-1, thus defining a rare geometric point event in the Point 5-second, as opposed to the Point 5-prime.
I will cut/paste this explanation into the thread of the chart just posted, so that other trader might benefit from learning more about this WW pattern.
Thank you for contacting me earlier and having me review this pattern at this timeframe, as it prompted this low-risk, high-potential trade.
for those interested in the rational for entry, here are a couple of pointers:
1 - FIBONACCI Number 1.414 Is For Aggressive Counter-Trade Ops:
2 - Convergence of 1.414-Fib And Bearish Channel Bottom At Third Contact Point (#3 in pink):
3 - Exit Target At Larger 1.414-Fib Level ... Can You Guess This One?
(feel free to post your chart in here - It does not have to match completely well with my numbers, since the numbers I have posted for exit are based on predictive/forecasting model, which seeks slightly different targets)
... Following are examples of Wolfe Waves in on-going trades:
$AUDUSD - DAILY Chart:
$NZDUSD - H4 Chart:
$EURUSD - Daily Chart:
$GBPUSD - DAILY Chart:
$XAUUSD - DAILY Chart:
$XAGUSD - WEEKLY Chart:
All of these charts can be followed under my profile, if interested.
In this particular example, a Point-5-second is seeking residence at a much loftier level than the predictive/forecasting model had even define in its extreme target definition level - See following chart:
$USDJPY - DAILY Chart:
From Twitter \ $NZDUSD Thread:
$NZDUSD Bearish - Weakness in $NZD would certainly help our lofty $AUDNZD forecast:
@tradingview $NZD $USD $forex
$AUDUSD completes geometry at Point-5; Favors Bulls; Target intact:
via @tradingview | $AUD $USD $XAU $Gold #forex
* * * Bearish for $XAU / $Gold and positively correlated Forex pairs: $AUD, $CAD * * *
77% Swiss rejected plan to force CB to buylarge $gold quants at 20% reserve.
Bearish pressure on commodity #forex pairs:
$AUD and $CAD vs. $USD
Waiting for 1.07398. Stop-lossed on (too) tight Entry parameters.
Outlook remains bullish ONCE 1.07398 gets hit. If price falls and continues below my SL, I'll move on.
FYI - SL can only be defined based on the percentage of trader's risk of loss/risk tolerance, which is a function of the trader's total asset and risk perception. I recommend a standard 1.414 extension from prior swing as my parameter, then define a position size based on the acceptable loss.
Another downer for $NZD: Milk price fall for a third consecutive times. This is viewed as a $NZD bearish fundamental event, as it negatively impact the export revenue of the country:
$NZDUSD = Bearish
$AUDNZD = Bullish