EverythingForex

TRADE UPDATE: NZDUSD:SELL@.68710 So far +280 pips

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
709 1 15
Last year, on Dec             . 30th, I posted this trade:
TRADE: SELL@.68710 : NZDUSD: In An Uptrend But First a Triangle

After I posted that trade, prices did EXACTLY as I expected and dropped. And today, 7 days later, I'm picking up +140 pips. Dropping from the top TL of this ascending contracting triangle pattern , I am still projecting that prices will descend more in to the lower TL of this triangle. If prices get there and that lower TL holds and prices rebound back up from there, then that is further confirmation that this triangle is valid and upon the completion of this triangle, we will see a resumption of the overall uptrend.

But first, let's deal with the current price action. This cypher that I predicted 7 days ago has now completed. With this cypher completion, the falling prices have been temporarily arrested. At this point, I am labeling this move down as a completed wave 5-wave wave (a) of a 3-wave abc zigzag of what could turn out to be the leg C of this triangle. If this is correct, then we should see a small 3-wave correction of this wave (a) back up in a wave (b). I am seeing this wave (b) as short and should just go up to retest that broken lower TL of the former trading channel that prices were in (blue line). After that, it should resume a down trend in a 5-wave wave (c).

MY TRADE PLAN
I've already closed 50% of the trade and pocketed +140*2 pips for +280 pips total on this 50%. This is of course using my trading method. I am leaving the other 50% to run to see if I can catch the wave (c) down after this small retrace is done. Stops are move to B/E.

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**NOTE**
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*DISCLAIMER:
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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