glennmercer
Long

AUDNZD Long: Expanding Wedge Complete at Critical Level

FX:AUDNZD   Australian Dollar/New Zealand Dollar
8 months ago
Greetings traders! AUDNZD             has reached an important level. The 4H shows a nice expanding triangle that may add support near a potential point E. On the daily chart , there is strong support from a parallel channel . In addition to this, we have two precisely confluent fib levels (1.272AB=CD and 1.5AB extension). Since I'm seeing some pin rejection at the base of the channel, a tight stop may be placed below the pins. If price makes new lows, it is time to re-evaluate. If not, it may be possible to catch a larger move toward the missed monthly pivot for June which would mean major pippage and a trade with great R/R.

Bullish Confluence:

Happy trading!
8 months ago
Trade active
8 months ago
Comment: I'm moving this AZ trade to breakeven as well. Some may consider this a little early. However, since it's Friday we have a higher likelihood of continued mean reversion. Remember, we're in the business of not losing money.

Current Profit: +25 Pips
Max Drawdown: -17 Pips

snapshot
8 months ago
Comment: Excellent! T1 achieved
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selsoft
8 months ago
wooow amazing!!!
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