LewisGlasgow
Short

NZD/USD - Double Trading Opportunity

OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Hello traders, here we have a bullish 5-0 pattern on the 4h timeframe with NZD/USD             .

Price just formed a valid C point at the minimum 1.618 level which aligns with a valid bearish shark pattern, which has opened up a shorting opportunity from C to D.

The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50

Taking a look at the daily chart below price is still respecting the upper resistance trendline .



If we experience a successful short position from C to D, this will open up an opportunity to buy in the future.

I hope you all have an excellent week and safe trading!
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Hate to say I told ya so...7300 has arrived.
+1 Reply
stackstrader _Dope_Trades
@pip_train, What books and references can i find to understand exactly what you have learnt that you have explained here on the comments.
Just that one book you already mentioned out of 15K worth of books was the best?
Regards.
+1 Reply
_Dope_Trades stackstrader
@stackstrader, Haven't really found any books that clearly explain how progression works in charts. Most books tend to explain support/resistance has being static levels. The author of the book I mentioned above vaguely realized that S/R is actually not static, but I don't think he realized how to find those levels. What you've probably noticed is that your FIBS work some of the time, and then they get ran over like this OP's chart. Books explain trends, but don't actually explain how time frames work together. Multi-Time Frame analyst understand that times work together, but they don't seem to explain how and why. I've read most of the Harmonic Trading books. At best it's a new shiny trading style, that can offer success if used properly I guess. Any method can work if has an edge built in, and you can consistently exploit that edge. Wykoff methods are probably the closest thing to what I do, but it's not exactly right either. Essentially, I've learned different concepts from different styles of trading, which have been combined to explain the process of how and why price moves...and really, I only learned this because I had mentors before me, and it's not something that I have completely mastered yet either. I'm not hating on any method or style, I just see the holes in most of them.
+3 Reply
LewisGlasgow _Dope_Trades
@pip_train, just opened up my charts to see your comments, as explained previously I don't deviate from my own trading plan as I trust it 100% and this is how I consistently profit long term... Don't ruin your prediction by saying I told you so, we're not a bunch of kids... One man's gain is another man's loss, we all need to accept losing positions, no matter who you are.

I'd like to see you detailing stop loss and take profit areas prior to posting, drawing up a chart without it doesn't show much transparency, this way anyone could be right all the time :) you'll see the majority of my posts show entries and exits, whether I decide to take the trade or not.

Thanks for your explanation and insight on this pair, I'm sure there are a lot of people reading this post have found it extremely useful.
Reply
GoryFranco LewisGlasgow
@LewisGlasgow, has it hit your SL? or are you still shorting?
Reply
_Dope_Trades LewisGlasgow
@LewisGlasgow, Thanks. Hate to see anyone have a losing trade, but it is part of the game. This was the chart I initially posted before I saw yours.
Reply
LewisGlasgow _Dope_Trades
@pip_train, it aligns with the higher leg bearish shark, my original analysis was based on the daily chart, therefore, the use of the lower high at 0.7400.

Reply
varker007 LewisGlasgow
@LewisGlasgow, This was stopped out ages ago.
Reply
@varker007, what was sorry?
Reply
varker007 LewisGlasgow
@LewisGlasgow, Yes your 0.7280 SL was hit. ISG.
Reply
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