NZDUSD – Kiwi in Potential Elliot Wave?

27 Jun - NZDUSD Daily

(Click on image for larger view)

Hi All,

As you know, I love to trade price patterns and the Elliot Wave patterns is one of them. Having said that, I am not an E Wave expert and I do not trade on this pattern in isolation. In other words, I always use it in confluence with other patterns.

As I write this article, I spotted a potential E Wave pattern on the Kiwi. Looking at the chart above, it looks like we are potentially at the end of Wave 5. However, we don’t know when Wave 5 will end until we can a confirmation of Wave A. In my view, the safer entry is at the end of Wave B.

On top of that, the upward channel that I mentioned on the 12th June (see chart) is still intact – even though I only had a breakeven trade on the last attempt. Ideally, this should work well if I get a Wave A in the near future.

With that, I will keep a close eye on this. Thank you for reading and happy trading!

 

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2 Comments

  • Magne

    Reply Reply June 27, 2013

    Hey Alwin

    Thank you for all your insight and knowledge. I read all your postings and correlate your Weekly Commentary with my analyzes.
    Todays text do not make any sense to me, you refer to Wave A and Wave B and I do not understand what you mean, could you elaborate?

    Magne

    • Alwin Ng

      Alwin Ng

      Reply Reply June 27, 2013

      Hi Magne,
      I just updated the chart above. Hope that makes more sense.
      Alwin

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