Again a possible harmonic pattern on this pair. I'm still hoping we can reach that possible bat D point up above 1.14 so I'm going long at market now... I was already long from 1.1140 with my SL at 1.1120 so I'm adding a long, therefor my position size will be somewhat smaller.
I'm also short EUR/NZD and short NZD/USD which would mean that USD is strongest, then NZD and then EUR the weakest.
This means that I am either wrong on this one or wrong on the EUR/NZD short, allthough that one has a much wider SL, so a short move up on this pair could still be possible within my EUR/NZD 'wiggle room'...
SO PROCEED WITH CAUTION PEOPLE!! It might be a good idea to take the regular 38.2/61.8 CD retracement targets instead of the trades I propose...
Oh well, we can always call it a hedge trade... ;-)
Đóng lệnh: đạt mục tiêu
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TP1 taken around the trendline, closed the rest in profit since I still have a long position open with better entry at 1.1140 based on a previous idea, which I'm leaving open.
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KVE
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Covered this long entirely in profit, only the previous trade with better entry level at 1.1140 is partly open in case we get up at that D point, SL is at BE, which is below that lower triangle trendline, so still quite safe as long as we don't break to the downside...
KVE
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All profits booked on this pair, CLOSED
IvanLabrie
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A move above the NFP high would make me change my mind here. nice going!
IvanLabrie
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Stop might get hit. I aim for 1.10878 and 1.10252 for entry.
Can you find a pattern that confirms a lower entry perhaps?
KVE
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It actually worked like a charm!
I've already taken the first profit target since we're getting to that upper trendline...
For the second part I've shifted my SL a bit higher @ 1.1140.
KVE
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As to your question on a posible pattern with lower entry I have to come back to one of my previous idea's:
IvanLabrie
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Ah, that's a stretch. We'll have to wait and see. I hold my short until it moves above the NFP high.
KVE
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And if one doesn't count the spike on 24 August then it's actually even more plausible since the shark in my previous idea didn't make 1.618 ext. of XA...
IvanLabrie
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I think that spike is vital price action, caused by fundamental information, and by big players.