glennmercer
Short

NZDCAD Short: Wolfe Wave + Expanding Triangle at 50% Retrace

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
After the RBNZ announcement cancelled the last NZDCAD             short, a new opportunity has presented itself. A bearish WW has formed with the touch of the 2-4 parallel confluent with the 50% retracement level. We also have a potential E point of an expanding triangle complete which may mark a larger reversal from these levels. On the daily chart , the pair is contained within a bearish expanding triangle and this could present an opportunity to ride it down toward point E on the larger TF. The unhit pivot for June 2016 presents a nice target at which to take profit.

Bearish Confluence:
  • Bearish Wolfe Wave complete
  • Expanding triangle
  • 50% retracement level
  • Descending expanding triangle on daily TF
  • Unhit June, 2016 pivot below price
  • Bearish RSI Divergence
  • RSI Overbought

Again, be mindful of news events. It is a good idea to wait until the Poloz speech at 11:15EST for entry as this may present significant CAD volatility . Happy trading to all!
Comment: 3 Day Chart:
snapshot
Trade active: She's live baby
Comment: Great rebound - we're up about 100 pips and all with under 2 pips of drawdown. Moving stops to breakeven as price approaches the top of the WW 1-3 line.
Trade closed manually: Stopped out a breakeven
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