GBPNZD, daily tf, buy the end of wave-4
Hello my friends,
previously we took sell positions in this pair and managed to booked +180 pips profit from it yielding 4R
Right now we're on strong support at EMA-200 and this is also where 50% fibonacci retracement of wave-4.
Usually wave-4 will end at 50% fibonacci retracement.
As our protective stop loss, we will use wave-1 area because per Elliott wave rule; wave-4 could never go beyong wave-1 area.
Because this is using daily timeframe, don't expect this to be a quick trade because it could take weeks to complete the movement.
Buy GBPNZD 1.9340
Stop loss 1.9200
Take profit 1.9950 (4.3R)
Use only 1-2% risk
Good luck
previously we took sell positions in this pair and managed to booked +180 pips profit from it yielding 4R
Right now we're on strong support at EMA-200 and this is also where 50% fibonacci retracement of wave-4.
Usually wave-4 will end at 50% fibonacci retracement.
As our protective stop loss, we will use wave-1 area because per Elliott wave rule; wave-4 could never go beyong wave-1 area.
Because this is using daily timeframe, don't expect this to be a quick trade because it could take weeks to complete the movement.
Buy GBPNZD 1.9340
Stop loss 1.9200
Take profit 1.9950 (4.3R)
Use only 1-2% risk
Good luck
Related publications
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.