Wave-Trader

NZDUSD Watch lower time frame for buy or buy on new lows

OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Hi there,

NZDUSD             is in a strong bearish trend . We believe that this strong bearish trend is about to end very soon and we are having reversal very soon on NZDUSD             .

We are having Descending trend reversal channel. So far price is running in this channel very nicely.

In this channel we can see one more bearish drop if so then you can look for longer term reversal on it from new low.

How you can trade on this chart.

1. We are already long from bottom when it formed the first lower time frame correction. It is still forming corrections on lower time frame for more upside. Just watch for another correction and look for buy. I will post the example for this kind of entry.

Or

2. Wait for the price to form new low and then you look for longer term buy. For that you will have to wait for the price to breakdown then lower time frame bullish trend and go for short term bearish for new low and then you go for buy after having some price action. Thats what we have done already and if price is not going to continue and going to form new low we will repeat the same.

Hope this detailed explanation will help you to figure it out how to trade on this chart.


In case price do not break up the channel and go for another bearish wave then we will go for short term sell and then look for buy again.


Good Luck


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Comment:
Comment:
I think it will go down again to the previous low by Friday and as the negative news of the Q3 results comes out the pair will go back up and end the bearish spell
However this is all assumption
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