NZDUSD: Power Of Wave Counting To Profits Over +400 Pips Profit
I recently just posted a lesson on how I analyzed and predicted that Gold was about to drop and drop BIG (see this post: 
. The reason I point out that post as related to what I am about to post about here is that they are very similar. No. I am NOT suggesting that there is any kind of correlational relationship between Gold and the Kiwi. If there is, I don't take that into account in my analysis anyways. What I want to point out is that technical patterns in forex and in trading in general have a strong tendency to repeat themselves regardless of waht you are trading. This in fact is the basis of technical analysis (TA). That in general, pattern tendencies tend to repeat themselves over and over again in some form due to the nature of people. After all, the whole reason that prices move is based on the what the TRADER does. NOT what the news does! Because its the TRADER'S REACTION to the news that moves the markets! Not the news itself! And what we know and has been proven through history and is factual is that people (i.e, trader's) have tendencies and habits and for the most part DO NOT CHANGE the way we think, react and do things! This applies not only in trading but in life itself. In TA, we use that knowledge to try to determine to the best of our ability to predict what the market will do (i.e., what the trader will do). That is why here in what I am about to show you looks so similar to what happened in Gold. So with that being said, here we go:
Back on Feb 7th, this is what was happening. Looks for all intents that this was on its way down, right? :
Just a little more than a week later on Feb 16th, this is what happened. If you sold because you thought for sure it was heading down, you got swung! At this point, I'll bet you're thinking that "This is about to break out to the upside and is headed up!", right? So you might've gone long....
Well, here is what happened only 2 weeks later. By Feb 28th, this had swung back down again and if you did go long 2 weeks ago when it "looked" like it was headed higher, you got swung AGAIN!
Getting frustrated yet???
So here it is 6 days later. Be honest, did you want to sell now thinking this is now headed lower? I'll bet many if not most of you amateur trader's did! :
Whoops! It did it AGAIN! Here's what happened only 7 days later! It moved back up! SWUNG AGAIN! :
To cut this short since I think I am quickly running out of allowed characters in this post, throughout this sideways action with prices swinging back and forth, if you realized what was going on, you would've been able to make profits much like I did. But in order to recognize and take advantage of the correction, you had to know that this was actually a CORRECTION!
Here's the same chart but current and WITH my wave count which told me what I needed to know to make these trades. Including my current one that we have going SHORT that is now over +220 pips in profit! So pay attention to those waves!
Back on Feb 7th, this is what was happening. Looks for all intents that this was on its way down, right? :
Just a little more than a week later on Feb 16th, this is what happened. If you sold because you thought for sure it was heading down, you got swung! At this point, I'll bet you're thinking that "This is about to break out to the upside and is headed up!", right? So you might've gone long....
Well, here is what happened only 2 weeks later. By Feb 28th, this had swung back down again and if you did go long 2 weeks ago when it "looked" like it was headed higher, you got swung AGAIN!
Getting frustrated yet???
So here it is 6 days later. Be honest, did you want to sell now thinking this is now headed lower? I'll bet many if not most of you amateur trader's did! :
Whoops! It did it AGAIN! Here's what happened only 7 days later! It moved back up! SWUNG AGAIN! :
To cut this short since I think I am quickly running out of allowed characters in this post, throughout this sideways action with prices swinging back and forth, if you realized what was going on, you would've been able to make profits much like I did. But in order to recognize and take advantage of the correction, you had to know that this was actually a CORRECTION!
Here's the same chart but current and WITH my wave count which told me what I needed to know to make these trades. Including my current one that we have going SHORT that is now over +220 pips in profit! So pay attention to those waves!
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Twitter: @andrewefxselect
Website: efxselect.com
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