Hello my friends,
previously we took sell positions in this pair and managed to booked +180 pips profit from it yielding 4R
Right now we're on strong support at EMA-200 and this is also where 50% fibonacci retracement of wave-4.
Usually wave-4 will end at 50% fibonacci retracement.
As our protective stop loss, we will use wave-1 area because per Elliott wave rule; wave-4 could never go beyong wave-1 area.
Because this is using daily timeframe, don't expect this to be a quick trade because it could take weeks to complete the movement.
Buy GBPNZD 1.9340
Stop loss 1.9200
Take profit 1.9950 (4.3R)
Use only 1-2% risk
Good luck
previously we took sell positions in this pair and managed to booked +180 pips profit from it yielding 4R
Right now we're on strong support at EMA-200 and this is also where 50% fibonacci retracement of wave-4.
Usually wave-4 will end at 50% fibonacci retracement.
As our protective stop loss, we will use wave-1 area because per Elliott wave rule; wave-4 could never go beyong wave-1 area.
Because this is using daily timeframe, don't expect this to be a quick trade because it could take weeks to complete the movement.
Buy GBPNZD 1.9340
Stop loss 1.9200
Take profit 1.9950 (4.3R)
Use only 1-2% risk
Good luck
