TomProTrader

NZDUSD: Nice Week Buy Position, Wait Before Buying More #Forex

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
855 11 19
Traders,

We had nice long entry opportunities at beginning of the week, the logical entries occurred at 0.6380's-0.6420's

Buying at this height is a little exuberant and illogical in my opinion (UNLESS IN THE EVENT WHERE WE HAVE CONTINUED PRESSURE, BUT I WOULD AVOID THIS TACTIC), you will want to wait for a pullback to the pullback levels prescribed on the chart, where you should then get a much cheaper entry and a better position overall.

Position adders will ESPECIALLY not want to add right now. Intraday traders might want to keep pushing for intraday longs until there's a reason on the larger time frame chart to say otherwise.

Weekly: Strong week gave us a large break candle from the lower ranges,

Best of luck,
Tom
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I think your ideas are well explained and high probability. Keep it up and thank you for sharing.
+1 Reply
TomProTrader Technician
Thank you Technician :-)
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Any possibility that this is an expanding triangle (wave 4) starting on 09-08?
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pattycald pattycald
This wat what I was thinking.
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IvanLabrie pattycald
Very low liquidity in NZDUSD as to perform accurate Elliott Wave analysis. That's better suited for big markets overall.
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Perhaps, haven't done a count. My trade idea is based on my fundamental approach towards the pair. Not my technical. Technicals are merely guidance for my fundamental sentiment.

Tom
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Possibly! :)
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Looks like inverted h&s
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IvanLabrie Yahia.Awes
It will appear to be one if the forecast me and Tom propose is valid.
+1 Reply
I posted NZDUSD today. My target is your horizontal support above.
6 months timespan, max.
Will be buying a retracement next week.
Have you seen the large scale commodity reversal?
I'm long JVA, since I believe coffee is turning around.
Cheers!
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