EverythingForex
Short

TRADE: SELL@.68710 : NZDUSD: In An Uptrend But First a Triangle

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
1634 9 40
NZDUSD             , just like my prediction on the Aussie, has already begun it's LONG TERM move up in what should be Wave (C) of the ABC Zigzag corrective structure. But what we see now is that before it will continue to move up, there is some consolidation to get through. Here's my analysis:

So back on Nov. 17th, more than a month and a half ago, I posted this trade about this pair:
TRADE NZDUSD: BUY@.64640 Completed Crab + Wave Count

There was a crab that was filled and after a small test of the crab's PRZ, prices took off to the upside. Now I didn't get this trade since it got stopped out when prices dropped into the PRZ, but I did get another LONG trade later after prices had retraced back down somewhat. Here's that trade post:
TRADE UPDATE #1: NZDUSD BUY@0.65170

So the point that I'm making is that the crab in my analysis clearly indicated this uptrend. And I called it more than a month ago. It is what my reading of the chart and my analysis said would happen....and it happened!

So now what is happening is that prices have now reached some critical levels against some MAJOR SR Structure resistance zones. And if these zones hold, then we should see prices now retreat and retrace.

WAVE COUNT
So for this uptrend, I have counted it as a wave (1) of a possible 5-wave wave (C) up. If this is a wave (1), then what we should be seeing next is a wave (2) retrace of the wave (1). What could happen now is that wave (2) could unfold in a triangle pattern .

PATTERNS
In the 4hr chart above, there is a POTENTIAL cypher that is now in play with the C point being established now. If that C point holds, then we should be seeing prices decline along the CD leg of that cypher right on down to that rising TL which would serve as the lower TL of that possible wave (2) triangle. There was also a COMPLETED Alt Bat to which prices are now into the PRZ of that Alt Bat.

DAILY CHART
snapshot

WAVE COUNT
From Nov. 18th to now, we have seen this pair on the rise in what I see as the beginnings of the wave (C) up. If this is indeed the wave (C) up, then this recent uptrend from Nov. 18th should be only the wave 1 of the possible 5-wave move up. What is also possible is that we will now see a couple of weeks of consolidation going on in what would be a barrier triangle. Of course, it could just keep going up......

PATTERNS
On this DAILY chart , you can see better that Completed Alt Bat but you can also see that large POTENTIAL Bat (blue) whose B point line as well as some other MAJOR SR Structures near it are providing resistance. You can also see how that completed crab (orange) fit into the overall picture and showed the recent uptrend. Also, I have drawn in the POSSIBLE wave (2) triangle.

MY TRADE PLAN
I and my members are already in on the SHORT side for this trade. I am watching for that POTENTIAL cypher to get filled. From there, I would take some point near the cypher completion to take profits. I'll be watching closely for signs that there will be a triangle forming. If so, then I'll be trading the triangle. Stops go above the recent highs.
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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!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Reply
Mx70
a year ago
Welcome back. Happy New Year.
My sincere thanks on your sharing of trade ideas.

Reply
EverythingForex PRO Mx70
a year ago
Thanks! I had to take a break from posting here as it was just getting too much with the trolls. But I'll keep posting as time allows though.
+2 Reply
AhmadFarhan EverythingForex
a year ago
there should be a block option. wc back
Reply
ulak EverythingForex
a year ago
Thank you..pls keep posting :)
Reply
marcus123
a year ago
what is your take profit for this set-up?
Reply
EverythingForex PRO marcus123
a year ago
It's on the chart.
+2 Reply
marcus123 EverythingForex
a year ago
where pls?
Reply
pointoftangency marcus123
a year ago
It's on the freakin chart dude, stop asking for free handouts. You're the type that likes free signals and doesn't have the ability to handle risk aversion.
Reply
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