AUDNZD Long: Expanding Wedge Complete at Critical Level

10 Jun 2016

Greetings traders! AUDNZD has reached an important level. The 4H shows a nice expanding triangle that may add support near a potential point E. On the daily chart, there is strong support from a parallel channel. In addition to this, we have two precisely confluent fib levels (1.272AB=CD and 1.5AB extension). Since I'm seeing some pin rejection at the base of the channel, a tight stop may be placed below the pins. If price makes new lows, it is time to re-evaluate. If not, it may be possible to catch a larger move toward the missed monthly pivot for June which would mean major pippage and a trade with great R/R.

Bullish Confluence:

• Expanding wedge support
  
• 1D Parallel channel support
  
• RSI Oversold
  
• 3 missed pivots above price, including an unhit pivot for June
  

Happy trading!

10 Jun 2016

Dagangan aktif

10 Jun 2016

Nota

I'm moving this AZ trade to breakeven as well. Some may consider this a little early. However, since it's Friday we have a higher likelihood of continued mean reversion. Remember, we're in the business of not losing money.

Current Profit: +25 Pips
Max Drawdown: -17 Pips

15 Jun 2016

Nota

Excellent! T1 achieved