hello traders, I hope this video will teach you some valuable lessons and make you a better trader :)
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PSYCHOLOGICAL LEVELS: simple and effective way to find key levels
HOW TO AVOID FAKE TRENDS...
NZDJPY plunges as Reserve Bank of New Zealand (RBNZ) cut the interest rate by 50 basis point. The pair already has a bearish sequence prior to the rate decision, and the rate cut speeds up the extension lower. Short term Elliott Wave view suggests that the rally to 73.2 high on July 22, 2019 ended wave B.
Pair is in wave C lower with subdivision as a 5 waves...
Price has clearly broken bearish and we are in a clear downtrend. Price is currently as point of support which is price is currently respecting. We may potentially see price move up at re-test 71.028 .We can potentially see price move bearish from this point toward our target at 66.629.
Stop loss marked at 220 pips - Manage your risk accordingly!
Risk to reward...
Price has found support approaching 71 level.
We can see a butterfly and 2618 patterns.
If we can involde after a correction we aim to catch the second and the third wave up.
Thank you for your comments and likes which motivates us.
Visually this bat doesn't look nice, the truth is many of times I will only post a Harmonic Pattern only if it passes B.
So why now? To spark thought process of traders like yourself and also to show you how liberating of time Harmonic Pattern is if done right.