TRADE NZDUSD: BUY@.64640 Completed Crab + Wave Count
NZDUSD completed a crab pattern that is at a MAJOR SR Structure level and prices are now consolidating around that area. Bullish PA on the 1HR TF is signaling for a move up. So therefore, I am taking a LONG trade on this pair with a tight SL at this moment.
It is entirely possible that prices may continue to drop into the PRZ of this crab pattern and into the higher probability reversal levels below at the .786 and the .886 retracement levels. This is why the tight SL.
MY TRADE PLAN
Stop is going below the recent low for a tight SL. If prices do go below this SL, then will be waiting for prices to decline more probably down to the .64150 level (.786 retrace) before looking at another possible bounce.
It is entirely possible that prices may continue to drop into the PRZ of this crab pattern and into the higher probability reversal levels below at the .786 and the .886 retracement levels. This is why the tight SL.
MY TRADE PLAN
Stop is going below the recent low for a tight SL. If prices do go below this SL, then will be waiting for prices to decline more probably down to the .64150 level (.786 retrace) before looking at another possible bounce.
SPECIAL Report on the S&P 500. Read it here. It's FREE: bit.ly/2KGJ409spx818
Mailing list: bit.ly/2iNieEY
Facebook Group: facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.com
Mailing list: bit.ly/2iNieEY
Facebook Group: facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.com
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.