Following the I.P.D.E. process that I shared with you guys on Monday, I've come to the conclusion that until shown otherwise, i want to get short Kiwi. The difficult part was determining where. Initially I had 3 killzones (with in the larger potential reversal zone) that sparked my interest but as this pair ebbs and flows, i'm starting to get a clearer idea of which zone is the one I want to keep my eye on and execute the trade if given the opportunity. To determine my killzones I've used a combination of Fibonacci retracements, extensions, inversions and moves.
I say given the opportunity because, having price action enter the zone or level isn't enough. I still need to find a reason for entry and I won't know if or when that will happen until we get there. For now all I can do is wait, watch and be ready to pull the trigger if it does.
Good luck in the markets today traders!
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In my eyes (and mine only) the downward spike is not erally part of the previous downward push/impulse...more of a "glitch" following the reversal.
However I do see harmonic bearish bat formations, (https://www.tradingview.com/x/1g1pSxZf/) - though am uncomfortable with stop positions at this point.
but that is just my view
am am uncomfortable because on bat entries, I have very simple: enter at .886 if overbought (unless structure dictates otherwise) and if ATR stays where it is, i'm looking at stops 45 pips away, which means my R/R ratio is under 1.3 on the short term unit and so it does not meet my trading plan.