NZD/CAD Monthly Idea - LONG
Hi everyone!
I am a novice to the FX trading world and am here to learn. So please be nice and constructive when you comment.
The assumption here being that we are looking at an impulse wave to the upside.
Looking at a (nearly) completed 4th wave and a 5th wave about to form.
(Wave (4) being 0.382 x wave (3), since wave (2) almost precisely was 0.618 x wave (1))
This structure becomes invalid when we go down into the 61.8 retracement, so SLthere.
If wave (5) = wave (1) we should at least hit target 1 but if we are looking for a big extention we could possibly even hit target 2 (1.618).
I am a novice to the FX trading world and am here to learn. So please be nice and constructive when you comment.
The assumption here being that we are looking at an impulse wave to the upside.
Looking at a (nearly) completed 4th wave and a 5th wave about to form.
(Wave (4) being 0.382 x wave (3), since wave (2) almost precisely was 0.618 x wave (1))
This structure becomes invalid when we go down into the 61.8 retracement, so SLthere.
If wave (5) = wave (1) we should at least hit target 1 but if we are looking for a big extention we could possibly even hit target 2 (1.618).
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.