TimStuyts
Short

GBPNZD about to correct and educational example

FX:GBPNZD   British Pound/New Zealand Dollar
179 1 13
Guy's I have been waiting for EURNZD             to reverse and it still can but GBPNZD             shows a great example on how to trade potential reversals. First of all it is important to notice that we most likely saw 9 waves higher from the low at 1.082627. Therefore I'm looking for a correction lower and not a new low at the moment. Once the correction is over we can buy the continuation.
There are 2 way's to trade, aggressive and more conservatively. The first one is to sell the 1-2-3 pattern within the channel where the second one is to wait for the break-consolidation and sell the third leg lower.
This is how to trade such set-ups, to my team I also teach how to determine whether such a set-up is a high probability set-up because that depends on market dynamic and where you spot such a set-up.

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nice catch.. unfortunately couldn't grab it as I fell asleep looking at the screen. hoping to catch the wave up
+1 Reply
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