FX:GBPNZD   British Pound/New Zealand Dollar
Idea is based on median line analysis, fibonacci ratio's and basic support/resistance. The rationale behind this setup is shown on the chart along with specific targets and stop loss. Good Luck
moneymaking
2 years ago
Thank you Hamza for sharing your idea for this pair, especially because I trade this pair quite often due to its high volatility. Long term analyses helps a lot. Good Luck to you :)
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HamzaLeith moneymaking
2 years ago
You are welcome. Hopefully you will benefit from it
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moneymaking
2 years ago
Hey Hamza, I just have one question, on what bases did you draw the fib extension from X to A. From what I see, point A is not the previous higher high. Shouldn't the A point be the highs of the green bullish candle, dating 2014-01-01. I just wanted some clarification on that :)
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HamzaLeith moneymaking
2 years ago
Good question. I did occur to me, but I honestly still believe it to be correct. If you zoom in on the weekly chart, you can see that price movement during those 2 months was clearly impulsive. After that a correction is visible. I would love to give you a quantifiable answer, but I just recognize it to be the first real impulse. what gave me extra confidence is the fact that price corrected very clearly at the 1.27, 1,414 (not drawn) fib extensions of that assumed XA. Hope that makes a bit sense?
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moneymaking HamzaLeith
2 years ago
Yes, it makes much more sense now. Thank you for clarifying :)
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moneymaking HamzaLeith
2 years ago
As you said to look on weekly chart for those 2 months, I did just that and clearly it was an impulsive move without question. Appreciate the help :)
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HamzaLeith moneymaking
2 years ago
Glad to hear, if I am wrong, hopefully a more experienced trader with fibs can enlighten us both, cheers
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HamzaLeith
2 years ago
An adjustment based on Elliot waves count. I will wait a bit longer before going short.
snapshot
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moneymaking HamzaLeith
2 years ago
Hey Hamza is this daily or weekly chart? It is not indicated on the chart.
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moneymaking HamzaLeith
2 years ago
I think shorting from the blue region in the chart below, is much more favorable in terms of the risk to reward. Your entry level of 2.20677 is near that region as well. This can work in our favor :)
snapshot
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HamzaLeith moneymaking
2 years ago
Yeah you are right but be careful though, if you wait for a double top you might not get one and consequently miss an entry. I believe the chart is a daily chart (stochastics were too zoomed out thats why dropped to the daily :)
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moneymaking HamzaLeith
2 years ago
Ya, that is certainly a possibility. I would most likely look for signs of buyers failing to push the market further to the upside and wait for sellers to come back in. Let's see how this plays out. But at least we know that any selling opportunity around this region should not be avoided, since big players are very likely to be involved around this region :)
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HamedAghajani PRO HamzaLeith
2 years ago
Here is my view for the smaller pull-back you demonstrated in your adjusted chart.
A great short opportunity on Completion of WW pattern
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HamzaLeith
2 years ago
UPDATE, I believe this pair has a lot of more room to the upside.
snapshot
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