NZDUSD: Update, topping pattern, and weekly time at mode targets
Updated
We're in this short now, and looking to add in the next 3 days. It is possible that we're seeing the resumption of the sharp downtrend that started after the US Presidential election created a solid LOW in the dollar and US equities. This could be the first 'wave 3 or C' after the first 1/A down. Since the first move was so sharp, it is possible the post pattern requirement of the end of a complex corrective structure is at play. The price action is reminiscent of a topping pattern here, and we have confirmation from RgMov showing the trend is mainly down now, so, fading overbought rallies results in good trades for the most part.
Weekly Time at mode analysis gives ample downside here, but there is a caveat: watch the low volume support zone, it might make this downtrend fail, if the prognostication isn't correct, resuming the upside chop again.
Once we're below that zone, we can look to book some profits, or simply trail stops after adding more to the position to increase our odds of conserving our profits.
Cheers,
Ivan Labrie.
Weekly Time at mode analysis gives ample downside here, but there is a caveat: watch the low volume support zone, it might make this downtrend fail, if the prognostication isn't correct, resuming the upside chop again.
Once we're below that zone, we can look to book some profits, or simply trail stops after adding more to the position to increase our odds of conserving our profits.
Cheers,
Ivan Labrie.
Note
If you used a stop you were taken out, now is a good time to reenter:Risking 0.5% if price moves above today's open.
Note
Good progress.Trade closed manually
The price action is scary, I'm out of all FX trades for now, I think we can get a retracement in the dollar trend.Note
It's unclear if we'll get a retrace here, so, watching for now.Note
On track, might be good to rejoin.
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