I'm setting up a long trade on NZDUSD based on a 15-minute chart using Elliott Wave analysis. The chart shows that wave (4) of the impulsive sequence has just completed, and I expect the next move upward to wave (5). My entry point is at the current price of 0.58877.
I'm targeting the following levels for wave (5):
1. First target: 0.59083 at the 1 Fibonacci extension.
2. Final target: 0.59234 at the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) around 0.58839 to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement completing the Elliott Wave sequence.
I'm targeting the following levels for wave (5):
1. First target: 0.59083 at the 1 Fibonacci extension.
2. Final target: 0.59234 at the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) around 0.58839 to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement completing the Elliott Wave sequence.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.