Chartistry

$NZDUSD UPDATE | Wolfe Wave Points to Higher Highs

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
13 days ago
Hello Traders,

This is an update from my last post in the Daily Time Frame posted 6 months ago (related link). At the end of 11/25/2016 NZDUSD             created a BULLISH Wolfe Wave negating further decline. Whenever there is a Wolfe Wave pointing in the opposite direction it cannot be ignored and often times negates the Wolfe Wave that came before it. In this case, I think the latest Wolfe Wave will act as a time consuming event and delay the downfall of NZD.

When looking at the monthly time frame

snapshot


There is grander scale at work here. The Wolfe Wave and Predictive/Forecasting Model both agree to the downside. That is a force I will not fight.

However, in the granular scale of the Daily Time frame, we have a long opportunity.

Also take into consideration the Wolfe Wave created in the USDOLLAR             Index
snapshot


and the exhaustion of the move up in the Dollar index             at target 3 (which calls for a high probability reversal).
snapshot


A long position here with a stop loss below the recent low would provide for a low risk to reward opportunity. But of course, trade your plan and consider your risk tolerance on every trade.

Best,
Chartistry

3 days ago
Comment: Since original posting this trade is up 177 pips. If you got in this trade when it was posted congratulations. Still have plenty more to go.

More updates to come soon.

Best,
Chartistry
2 days ago
Comment: UPDATE: A BEARISH Wolfe Wave has now formed in the H4 chart indicating a momentary decline. We'll have to let the smaller WW complete in order to know if the larger WW is negated or not. As for now, put the h4 Wolfe Wave in the forefront.

snapshot


Best,
Chartistry
margaux
3 days ago
I have an original short position at 0.73. What should I do?
Reply
Chartistry PRO margaux
3 days ago
@margaux, First and foremost, I would recommend you trade your plan. Secondly, the Wolfe Wave in this chart calls for the 1-4 line to act as the target, surpassing your original entry point.
Does this answer your question?
Reply
margaux Chartistry
3 days ago
Dear @Chartistry, I think so. I am a beginner trader, so am a little apprehensive! Still learning. Margaux
Reply
Chartistry PRO margaux
3 days ago
@margaux, We've all been there. Find the trading method that works for you and has proven to be profitable and stick to it. I personally like the Wolfe Wave.
Reply
margaux Chartistry
3 days ago
@Chartistry, Thanks. I am trying to learn from your posts. It seems quite accurate! I just thought the fundamentals all point to a lower NZD, but I suppose as the Wolfe Wave shows, DXY is weakening ....
Reply
Chartistry PRO margaux
3 days ago
@margaux, If there is one piece of advice I will give publicly, it is to stay far away from fundamentals when considering trades. Trying to predict markets with fundamentals is like asking your cat what the weather will be like in Zimbabwe on a Monday. It just doesn't make sense. If you scroll down to my older posts I have many lessons on how you can figure out the Geo and how you can trade it. You can also look up @4xForecaster He is a master when it comes to predicting the markets.
Reply
margaux Chartistry
3 days ago
@Chartistry, Thanks much! I will study more what you have mentioned. There is just SO MUCH out there in the FX trading jungle. A lot of it is not very good and there are also people wanting me to sign up for very expensive courses and I dont have that kind of budget. I would like to find a strategy backed by a trading method that I can quickly learn from that works, and of course to read up on experts like you who are way ahead of the curve, compared to a greenhorn like me! Thank you ... Margaux
Reply
Chartistry PRO margaux
3 days ago
@margaux, You are welcome. WolfeWave.com is a good website to learn from as well.
Reply
margaux Chartistry
3 days ago
@Chartistry, OK thanks. I will do so. I just checked out 4xForecaster ... I think I am not there yet and not sure if I can follow what he says. Perhaps when I am at a more advanced stage. Meanwhile, i had better go quickly figure out my Kiwi short position!
Reply
Well done. I missed this long but caught the big short last month. Thanks for your posts. Keep up the great work
Reply
Chartistry PRO I_see_BTC
3 days ago
@I_see_BTC, Thank you very much! It's sobering to hear that my posts help. Thank you for your continued support.
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