After catching up with friends over Christmas I am told produce in the fields will be at a premium this year and with the new RBNZ manager adding further strength to the NZD, easy pips are coming. STOP is set a little more reserved after being late to the party on this one but I doubt it will look back over the next few months.
Looks like the final push up to around .74000 resistance on the daily/weekly then into a pullback or reversal. Bearish deep crab forming with D point in the zone which will complete trades from weekly. Entering LONG with stop below C point trendline. TP1 AB-1.618 TP2 AB-2.0.
Possible AB=CD pattern forming.
C point retracement at just over .618
RSI(14) divergence
Main targets at 1.618 and 2.618 extension to form D point.
Could do and should do :)
According to my research today this is turning into a 3-Drives pattern, legs 1,2 & 3 should be equal and retraces A & B should also be equal. Up to .69 then a big drop back down at the end. Looks like it'l be a long ride :)
Been looking for shark? (I have notes eveywhere lol) patterns today and have found 3 on M15,M30 and H1 that all have the fibs aligning.
TP1 .618
TP2 .786
TP3 1.00 Trailing stop
My top is at 55 above D
Looks promising.
So after a weekend of mainly googling and head scratching, here's my first attempt at finding a harmonic pattern, I went for an AB=CD because it looks similar to Elliott waves so was more familiar to me. The values seem to be correct but I'm not entirely sure, feel free to leave a comment if you can see a flaw in my thinking otherwise please leave a like if you...
Other notes: DPO is descending from a high of 86.
ADX is at 37.25 descending, a move under
value 30 with a cross of +D/-D will confirm.
STOCH/RSI 82.6/73.2 descending from
overbought highs above 95.
If you agree with my thinking please leave a like, if not please leave a comment and...
My reasoning for the "false value" after the news reading..
It starts with the CAD, on the 30/10/17 --->THE CAD DROPPED BY 500 pips<--- after releasing their gdp rate and this I can understand as Canada is a large country and even the smallest change would equate to millions im sure. Now the following day 31/10/17 the --->NZD ROSE BY 500 pips<--- after released...
