dojitrader
Short

Butterfly Into Resistance/.382 Fib Short ???

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
153 9 3
This idea came from looking at a chart from DavidTowson;
NZDUSD Bearish Butterfly

However, I think the full fib ext of 1.272 for Pt D offers a better
harmonic/symmetrical opportunity than David suggests
and lowers the risk to know if a larger correction -
perhaps to the .500/618 fib is what the market wants to trace out.
Thus, to me, this seems the 1st/best opportunity to short a trend continuation.
{{I bet they love it on this site when there are battling chart}}
Good Idea, I am long on it at 1.8700, should I TP at 1.8720, or wait for the pair to price in interest rate hike expectations?
Reply
dojitrader najibmulik
I have no clue about trading fundamentals. Technically, If the corrective price
action extends to the .50 or .618 fib then the candlesticks should give a
bullish clue as well as an obvious impulsive price structure and that is what
I tend to look for as a final entry trigger - a confirmation or non confirmation
if you will that the probabilities seem to be lining up correctly.
So, in answer to your question ~~~~ I do not know !
Reply
najibmulik dojitrader
RBNZ is expected to increase rate of interest by 0.25 percent from 3.25 to 3.50% on 23rd of July 2014. Such actions is always bullish, in fact, strongly bullish....
Reply
dojitrader najibmulik
Which is why I have problems with fundamentals.
Is there any way of knowing that the market has not
already anticipated the increase and then reverses
on the actual event ?
Reply
dojitrader dojitrader
Or anticipates no more increases and that creates a
reversal ?
Reply
najibmulik dojitrader
I don't think so as the pair is on correction since last 7-8 trading days.... Plus it has made a Doji on 38% Retracement level... If we combine fundamentals and Technicals it becomes an ideal BUY situation....
Reply
najibmulik najibmulik
I must appreciate that you were right, for at least short period of time... Thumbs up...!
Reply
dojitrader najibmulik
Thanks for your support
We'll see from here how this plays out
I can see this as incomplete and may very
well extend to the .8760/70 before the downtrend
resumes.
Reply
najibmulik dojitrader
if this happens this will be a bonus for me..
Reply
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