Tom_Killick

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

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
854 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 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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Tom_Killick PRO IvanLabrie
a year ago
Yes, all markets are somewhat correlated so to see simultaneous reversals is quite normal.
Yes, I'm looking to add enthusiastically next week.

Tom
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Yahia.Awes
a year ago
Looks like inverted h&s
Reply
IvanLabrie TOP Yahia.Awes
a year ago
It will appear to be one if the forecast me and Tom propose is valid.
+1 Reply
pattycald
a year ago
Any possibility that this is an expanding triangle (wave 4) starting on 09-08?
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pattycald pattycald
a year ago
This wat what I was thinking.
NZD/USD Wave Count Possibility
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IvanLabrie TOP pattycald
a year ago
Very low liquidity in NZDUSD as to perform accurate Elliott Wave analysis. That's better suited for big markets overall.
Reply
Tom_Killick PRO pattycald
a year ago
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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Tom_Killick PRO pattycald
a year ago
Possibly! :)
Reply
I think your ideas are well explained and high probability. Keep it up and thank you for sharing.
+1 Reply
Tom_Killick PRO Technician
a year ago
Thank you Technician :-)
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