Great trading DA now i know why i have a second job and you are a full time trader
if i may ask when you entered short was it an elliot signal or gut feeling
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Great trading DA now i know why i have a second job and you are a full time trader
if i may ask when you entered short was it an elliot signal or gut feeling
hi rod ,the rally from 93+ low in the aud looks corrective in its wave pattern but has gone further than it should and with gusto.
the recent top had an ending diagonal pattern and felt like a blow off reaction top in its final throws.
it never really felt like all the worlds problems had diasppeared and therefore as the aud stalled around 1.07 it seemed risk was cheap at that level.
i think the direction at the moment is difficult to call with certainty so will look to sell rallies in aud and nzd.
Going to try a short rod on audusd and nzdusd
looks like its topping out at 10420 for aud will take a short from here with open target and 79.70 for kiwi.
Hi DA
nice call its been a profitable night for you i was out last night and didnt get to see your post nor any chart went to bed.
i am wondering why the kiwi is weaker than the Aussie
i googled diagonal pattern i have never had any experience of it before in this instance on the high of AUD it worked a treat
hi rod , we are getting close to a short in the audnzd cross as this should be the final push higher .
i have no idea why its happening other than we were warned about it happening through aud nzd chart patterns.
personally it feels from a fundy perspective the kiwi should be stronger but thats why i only trade the charts. weird !
Yikes.
I see NZ unemployment jumped up to 6.6% market was expecting it to fall
Imagine how bad it would have been without the RWC…
NZD will head south for a while I think
AUD/NZD pushing higher as you said DA.
shorts moving along nicely audusd, 200 + 180 + and nzdusd 180+ , i still feel there is more to come so still open.
maybe rod there is a high in on aud nzd , got the divergence on all time frames , 5 wave pattern complete with good wave relationship .
we need to find a short entry against 1.3140 top with back up stop the 61.8 retracement at 1.32.
Hi DA i can see on daily RSI diverenge, so i will keep an eye out for another spike up.some traders trade the breakout
do you ever trade the breakout at lower levels 1.2950 or do you prfer to look for an entry as close as possible to PRZ
hi roddy , its started to look positive for an short entry with a stop 131.50 this gives a favourable risk reward even if we were to make a market entry trade.
best entry is to look for a 50% ( 131.07 ) to 61.8% (131.16 ) retracement of the first wave down , the true first wave is from 131.43 to 130.72 so you have to position your fib retracement chart
on these points and you will see the price will respect the retracement levels better.
the first wave can retrace up to 100 % ( double top ) without screwing up the count.
im going to start scaling short from here.
what i like about elliot wave is risk is so clearly defined so you can put some ridiculously big trades on as your only risking a few pips on a tight stop.
http://i183.photobucket.com/albums/x...99/nzdm1-1.jpg