So let's get to the trade. I posted a FREE trade idea here 8 days ago that I gave to my subscribers. Here's the link to that post: TRADE ANALYSIS NZDUSD Trading the EED and Contracting Triangle
In that post, I suggested that there was an EED that was completing from the wave C of the leg C of the larger contracting triangle. I took a SHORT trade from the completion of that EED and the point E of that EED which finished right at the upper TL of that larger contracting triangle. That confluence of patterns was good enough for me to take the trade. Here's the chart BEFORE the current drop:
What's happened since then as you can see in the main chart is....so far, it has moved +180 pips (if following my trading methodology, you're up +720 pips). Congrats to you if you followed my idea. So what to notice here is that now prices have formed a valid POTENTIAL that would complete right near the bottom TL of the larger contracting triangle. Don't know what I'm talking about? Look on my website for the complete analysis. Here's the link: "(F) Trade Update: NZDUSD - Going With The Triangle So far...+695 pips"
Don't forget that this leg D of the contracting triangle must also be an ABC 3-wave move and currently, I don't see any wave B yet. So if you are short right now, keep that in mind. And if you are thinking that you want to GET SHORT, wait for that wave B retrace.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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My subscribers caught this trade right from the top. Did you? If not, why not? If you were one of my subscribers, you did. And you'd be up +695 pips (if you follow my trading methodology). Are these the kind of trades you look for? Do you want to learn how I do it? Simple. Just go to: http://www.efxselect.com and subscribe. Just announced! $1 7-Day trial offer! Limited time only! Subscribe today!
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