TimStuyts
Long

GBPNZD hit target after a new daily low

FX:GBPNZD   British Pound/New Zealand Dollar
162 3 6
I have been shorting the GBPNZD             for a while now, with several position targeting a new low on the daily time frame.
We finally saw that new low.
For my previous posts see below.

GBPNZD ending a major correction


GBPNZD still short and added another short


Now we have a corrective count within a correction/consolidation, therefore I will be focused on a bullish break out of the wedge for a new high on the daily time frame..
Updates will follow.

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Nice one. Am following this one too seeing I'm upsidedown in the trade. Broken out but how many times has it done that without following through? Sooner or later something's gotta give!!
Reply
Yes the upside has a lot of potential. However I kept my short because of the extended wave count that was not ready according to my analysis. Now this low is in place which is no guarantee but this increases the probability of a succesfull bullish break-out to be next. The corrective structure is very clear by means of that channel, so keep an eye on 7 and 11 in terms of wave count. I will try to explain when I count a move as an extended wave because it is a very sensitive but a good approach.
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