Short EC based on divergence, trendline break, AB=CD pattern and Wolfe Wave. Taking the more conservative profit target of AB=CD harmonic around 1.393 which also coincides precisely to halfway the distance between the most recent .618 fibo and missed daily pivot from 6/30. A move to this level will complete the AB=CD harmonic. Details on chart.
Update 2: Stopped Out
Update 1: Close above highs - Trade is Active
Possible Wolfe wave setup on GBPNZD. Long on 60m close above recent highs. After resistance at 2.339 is broken there is little to hold the pair back from reaching the 2.36-2.37 TP zone. Trade will become invalid if price closes below bottom of parallel channel.
USDJPY has been showing weakness since last week after a decline from around 124.3. After reaching Bearish Bat target T2 it has retraced .618 to a high resistance area. We may start looking to short the pair with targets at the 1.272 and 1.618 extensions from the previous swing high. Stop loss around 124.
USDJPY has met Target 1, 61.8% retracement of CD leg of the bearish bat pattern created on 6/24. From here, we may look for a potential setup of a number of future harmonic patterns. If price does not reverse at T1, the next Bat target to look for is 122.05. If price rebounds from T1, we may look for a reversal in PRZ, which is the 38.2-88.6 retracement of our...
If the 88.6% fib level holds, the bullish bat pattern will remain valid and I will target the 61.8% retracement of CD leg. If the stop loss is hit, the next level I will be looking for is 113% for an alternate bat formation.
An ascending triangle after a bullish move may indicate a breakout is possible to 1.232.
I am long this pair with a stop loss at 1.225.
T1 (Partial Profits) @ 1.230
T2 (Full Profits) @ 1.232
SL @ 1.225
Bullish divergence formed just before wedging. The 5m Murrey Oscillator candles are have also turned bullish for the 5m chart. Look for a move higher toward the daily pivot for 4/2. I took this pair long and placed my profit target just below the monthly pivot.
Bullish short term divergence between price and momentum indicate a bullish move toward the unhit daily pivot fr April 1st. The April, 2015 monthly pivot will provide a probable rebound target due to its proximity to the corresponding daily pivot and the preceding downward momentum. Selling at T1 with a profit target at T2 will produce a potential profit...
Triple bearish Knoxville divergence in addition to a rising wedge on the 1 hour chart is indicating a bearish move toward the missed weekly pivot at .74765 and possibly a larger move toward the missed daily pivot on March 12th at .72607.