As you all probably already knew I was buying AUDNZD and was looking to add. I showed several levels for pending buys to the traders that I already work with (if you are interested contact me on Facebook.) This is also what will be done on the website and during the course. Nevertheless we have currently 4 positions and as long as we don't see 1.075 taken out I have to leave the stop below 1.054 low of yesterday. But I'm looking for 1.15 and 1.18 so that's okay. A break above 1.075 would indicate that a wave 3 is in progress and we can therefore start looking for more buys once (and IF) that happens. Keep an eye on the bigger picture below for context. The monthly is even better, I will post that count later because this will show that we are buying from long term lows and we are talking about AUDNZD which is a ranging pair due to obvious reasons. So even if we are totally wrong on this time frame I see that as an opportunity for an even cheaper buy.
Wave 2 consumed much more time and price . Is this count valid till now ?
Thanks for sharing your ideas .
TimStuyts
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I've updated AUDNZD for two scenario's, see the recent post. The lower the better if you ask me because it is going to reverse.
forexstock100
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Why do we need break above 1.075 for confirmation that it is wave 3 ! .is it a general rule for trading wave 3 ? Or it is a specific case related to this pair or something .
Thanks , Tim .
TimStuyts
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I count the first move as wave 1 (high at 1.075) therefore I see a break above as a confirmation of wave 3 being in progress. That's in general not just for this pair.
Thanks for sharing your ideas .