TRADE ANALYSIS: NZDUSD - Trading the EED + Contracting Triangle

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TRADE: SELL@.68580 SL@.69233 TP1@.65773 R:R 4.5 Risk: -66*4 Reward: +280*4 Trade Ranking: 3.0

A few days ago, I posted about an EED (Ending Expanding Diagonal) that was taking place. In the days since. we have seen massive moves in this pair. Moves that are typical of expanding patterns and…exactly what makes them so DANGEROUS if not recognized as an expanding diagonal in time. But if you do recognize it, you can profit greatly!

Here’s the chart I posted a few days ago. Pay attention to the left chart. That leg D has not completed yet back then:

Here’s the updated chart as of today. From the point where prices were when I posted that chart, prices dropped rapidly right down to where I projected the leg D to complete. And then, BAM! As soon as prices hit that lower TL of this expanding diagonal, prices SHOT up and has now hit a MAJOR Daily SR Structure AND also the MAJOR upper TL of the larger contracting triangle. This point can also be considered the completion point of the leg E and also the leg C of that larger contracting pattern on the Daily chart above. This expanding pattern was the wave C of the leg C. So now I am expecting prices to fall in the leg D of the larger contracting triangle.

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