NZDUSD - Double D's - Buy at D ! Whole lot of harmony goin' on!
This is a GREAT long set up. We have the convergenc of multiple harmonics. A Bull Gartley has just formed on 1d chart. The XD ratio is a near perfect 78.6 retrace in that pattern.
Zooming in to the 1h, we see a PERFECT AB=CD that has just completed in the same area. Multiple harmoni numbers and patterns convergence in different time frames is a strong signal.
You could wait for a bullish candle, becasue it is possible the AB=CD could blow up and complet down to 1.27....but with convergence of the larger Gartley point D. Dojis show a shifting of semntiment as they are at a key level of support.
Soooo...having said that I'm long with a small stop loss of just 10 pips. If it breaks the level it will go to the next fib number down.
On daily chart it looks to be start of wave C headed back up.
Zooming in to the 1h, we see a PERFECT AB=CD that has just completed in the same area. Multiple harmoni numbers and patterns convergence in different time frames is a strong signal.
You could wait for a bullish candle, becasue it is possible the AB=CD could blow up and complet down to 1.27....but with convergence of the larger Gartley point D. Dojis show a shifting of semntiment as they are at a key level of support.
Soooo...having said that I'm long with a small stop loss of just 10 pips. If it breaks the level it will go to the next fib number down.
On daily chart it looks to be start of wave C headed back up.
Trade closed: stop reached:
Can't win em all...perhpas a bit looser with my stop...