EURNZD one leg lower

FX:EURNZD   Euro / New Zealand Dollar
403 8 14
I think EURNZD             is in need for one leg lower as shown on the daily time frame.
The 1 hour time frame shows a possible leading diagonal for wave 1 of wave 5.
If we see a correction I will look to sell


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Comment: Watch for break, the stop loss is based on the recent high of this structure so if we move slightly higher first, the stop loss should be slightly higher.
This 15 min time frame set-up doesn't look good enough to me anymore. I will monitor it but the recent price action decreased the probability of the sell trade. Updates will follow.
your ii is longer than i
TimStuyts dillonthomas
This is a 1-2-3 reversal pattern (last update), not a wave count because this can easily be an ABC pattern lower. However 2 =consolidation and did not break above the start of the first impulse lower =1. 3= continuation. If you mean the original post bear in mind that wave 1 started at the end of wave B and I counted that wave 1 as a leading diagonal, so there wave 2 didn't break above the start of wave 1 neither.
dillonthomas TimStuyts
gotcha, thank you!
+1 Reply
it broke in 15min TF.
+1 Reply
TimStuyts ruthrajamanie
Yes it is testing whether the top is in place, aggressive entry is sell after candle close below the break, conservative entry is let it retest and consolidate (when trading 15 min then watch for 5 min consolidation), THEN sell. Keep in mind the 1-2-3 reversal I often mention. Until we see that trend lines can move..
ruthrajamanie TimStuyts
in this scenario what do you think is the SL should be? seems to me that it retested the top already.
nice setup you got there tim will watch the break !!
+1 Reply
TimStuyts glaazie
Let's see whether we see the break. If it accelerates higher, let it settle before considering a buy.
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