Tuesday, September 27, 2016

AUD/NZD - Appears to have turned for real

For months now I've been talking about this trade which has in my always humble:) opinion excellent potential. Yes I was a bit early but this is a long term trade so "early" is relative within this context. At this point it seems likely larger degree wave 2 completed at 1.0237 and that we are now in the process of developing a smaller degree wave 1.

I have already a relatively large position in this trade but I usually ad on to trades but not at this level. I stay away from giving trading advice but personally I would wait for this smaller degree wave 1 to be complete (probably around 1.0760, start of previous wave 4) and then try to catch the end of the C-wave of wave 2 which is basically my edge within the Elliott Wave framework.

Daily chart:


240min chart: