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 :)
UPDATE #1: Price action has NOT confirmed the move higher. Therefore on sidelines for now, waiting for further confirmation.
Good find. I'm looking to go long as well, waiting for a confirmed reversal before pulling the trigger though.
+1 Reply
moneymaking IvanLabrie
Hey Ivan, Sounds like a plan. Good Luck mate :)
IvanLabrie PRO moneymaking

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.

+1 Reply
IvanLabrie PRO IvanLabrie
Red square should be the top in my opinion.
+1 Reply
moneymaking IvanLabrie
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
Very nice find.Five years long time support is at 0.6800.Should we wait a little bit more?
+1 Reply
TahirAli TahirAli
Sorry I mean 0.6600
+1 Reply
moneymaking TahirAli
Hey Tahir, Yes, I will be waiting for really good confirmation before jumping into this setup. Be careful. Good Luck :)
+1 Reply
TahirAli moneymaking
Thanks for your prompt reply.If you find an entry point please let us know.Thanks.
+1 Reply
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