WaveAnalysis
Short

EURNZD Short Trade Setup

OANDA:EURNZD   Euro / New Zealand Dollar
Hello Traders

The higher degree structure doesn't make sense to me in terms of its pattern, but it should be a correction and it could be over at the last top (orange 2). That's why I'm looking at the next structure as a reversal pattern which can be completed. If it's so, we have a reversal impulse and now, a correction is in the making. There are 2 options. It will either go up again so the yellow ABC will be the case, or it will fall so the white ABC will be the case. That's why I placed a pending order below the bottom. When it takes me in, I'll move SL above the correction to reduce my risk because no need to lose 1% if goes up again. If it makes one more up impulse, I'll wait for a reversal pattern to place a pending order.

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Trade with care.
Bulent
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