I'm targeting a short position for NZDUSD on the 3-hour chart using Elliott Wave analysis.
The current price level is around 0.59602. I've identified the completion of wave (5) and the start of a corrective wave (c), suggesting a continued downward movement.
My target levels are based on Fibonacci extensions of wave (a). The targets are at the 1.124 and 1.618 Fibonacci extension levels, which are around 0.59576 and 0.58715 respectively.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 0.6100. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of support or reversal near any of the targets, I'll consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in NZDUSD while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 0.59602. I've identified the completion of wave (5) and the start of a corrective wave (c), suggesting a continued downward movement.
My target levels are based on Fibonacci extensions of wave (a). The targets are at the 1.124 and 1.618 Fibonacci extension levels, which are around 0.59576 and 0.58715 respectively.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 0.6100. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of support or reversal near any of the targets, I'll consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in NZDUSD while effectively managing risk with clear entry, target, and stop loss levels.
Trade active
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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.