Fxprotrader
Long

NZDUSD Bullish Flag Offers Another Buy Setup

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
867 6 40
Price is moving in a corrective structure into a descending channel having already completed three waves and it's about to complete a fourth one. Most likely we may have another smaller wave into this correction in order to have a five wave corrective structure. We may buy from when we should have the five wave pattern completion (at a key uptrend) or we should wait for price to break above the channel and aim for another impulsive up move.
Comment: As expected price broke above the correction.. Watch for any buy setups before going long.
Comment: Tremendous results from simple chat wave patterns. This flag pattern worked wonders..!
RSI showing bearish divergence right now
Reply
Fxprotrader DavidMarcy_TradeHuntFx
Divergence is a sign that price may reverse soon.. Here we have a clear buy situation.. But soon this upmove will end, i agree with you..! Thanks for the comment..!
Reply
for sure! its annoying but my trading strategy wont let me take this trade because of that divergence. Nice charting though
Reply
Fxprotrader DavidMarcy_TradeHuntFx
From what i read from your comment you look like a very disciplined trader.. Well done mate.. Other setups will be there for you..!!
Reply
Definately. High discipline leads to better consistency!
Reply
Fxprotrader DavidMarcy_TradeHuntFx
Absolutely..!
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