IvanLabrie
Short

NZDUSD: Interesting contrarian point of view

FX_IDC:USDNZD   US DOLLAR / NEW ZEALAND DOLLAR
252 11 14
I'm looking at NZDUSD             as a potentially long trade, why I decided to chart the inverse pair, USDNZD             to change the perspective a bit.
What I see is a potential large short* opportunity (*in USDNZD             ), if the profile balance point proves to be a reversal level, and the distribution becomes a normal one, forming a bell curve shape. (respective to the time spent at price profile, a technique I learned from Tim West).
The rate cut formed a very wild outside bar, which isn't clearly bullish , yet it happened at a very volatile juncture, inside a 10 bar mode.
The shape of the pattern is looking like an expanding triangle, but I'm not sure of the EW specifics.
For the time being, I'll watch this pair for short trade setups, and will update the thread if I see a good opportunity.

Cheers,

Ivan.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
Profile balance point reached!!!

Watching the price action now...I want to short this.
+1 Reply