moneymaking
Long

NZDUSD: ABCD Pattern (Daily) !!

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
457 21 10
UPDATE #1: Price action has NOT confirmed the move higher. Therefore on sidelines for now, waiting for further confirmation.

Hello Traders,

Here we have gotten the completion of a harmonic ABCD pattern , do keep in mind this is a DAILY time frame. Due to the bigger stop loss, I will be looking for long opportunities on lower time frames, in order to keep my risk under control. We are seeing RSI BULLISH Divergence, a possible indication of sellers running out of steam. Risk to reward does work in our favour, stop loss goes 10 pips below the 161.8 % Fib extension of AB leg. See the chart for more details.

Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
Danlanh
a year ago
I set buy limit at .6969
+1 Reply
moneymaking Danlanh
a year ago
Hey din, did you placed buy limit based on lower time frames?
Reply
Danlanh moneymaking
a year ago
I used watch D1 and lool more in H4 to take, sometime take macd for sure.
+1 Reply
moneymaking Danlanh
a year ago
All the best, make sure to keep your risk under control :)
Reply
Danlanh moneymaking
a year ago
Same to U, thanks for alarm.
Reply
Yahia.Awes
a year ago
Good to see we are sharing a similair view.
Counter the trend!
+1 Reply
moneymaking Yahia.Awes
a year ago
Hey lighthouse, Yes it's good to see that we are on the page. Good Luck mate :)
Reply
moneymaking Yahia.Awes
a year ago
*same page :)
Reply
Good find. I'm looking to go long as well, waiting for a confirmed reversal before pulling the trigger though.
+1 Reply
moneymaking IvanLabrie
a year ago
Hey Ivan, Sounds like a plan. Good Luck mate :)
Reply
IvanLabrie TOP moneymaking
a year ago
NZDUSD: Interesting contrarian point of view


I timed a potential reversal price and date with my methods.
Price already exceeded the bullish target for my profile balance point (like an AB=CD but measuring from the low to the mode or most frequent price level, and from this level up) but I won't go long NZDUSD before I see at least a nice and clean low that holds for at least 5 days.
MACD/CCI divergence would be a bonus too.

snapshot
+1 Reply
IvanLabrie TOP IvanLabrie
a year ago
Red square should be the top in my opinion.
+1 Reply
moneymaking IvanLabrie
a year ago
Ya, it's better to wait and see the market hold at the 127.2% extension before going long. Totally agree :)
+2 Reply
TahirAli moneymaking
a year ago
Very nice find.Five years long time support is at 0.6800.Should we wait a little bit more?
+1 Reply
TahirAli TahirAli
a year ago
Sorry I mean 0.6600
+1 Reply
moneymaking TahirAli
a year ago
Hey Tahir, Yes, I will be waiting for really good confirmation before jumping into this setup. Be careful. Good Luck :)
+1 Reply
TahirAli moneymaking
a year ago
Thanks for your prompt reply.If you find an entry point please let us know.Thanks.
+1 Reply
moneymaking TahirAli
a year ago
Oh definitely, I'll make sure to keep everyone updated on this :)
+1 Reply
TahirAli TahirAli
a year ago
Hi moneymaking,this thing is just touching the support level I mentioned a month back.A close below this level will be an excellent short opportunity.Price can hit the levels 0.5800 (IMHO).
snapshot
+1 Reply
moneymaking TahirAli
a year ago
Hey Tahir, Well done mate. It's really good that you are looking at higher time frames to keep bigger picture in mind. Yes we can either see some reaction from this level OR if we get a MONTHLY close below this than there's nothing below from stopping it to go back to the lower trend line that you've drawn. Good Work, Keep it up :)
Reply
moneymaking
a year ago
UPDATE #1: Price action has NOT confirmed the move higher. Therefore on sidelines for now, waiting for further confirmation.
Reply
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