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NZD/USD Trade Analysis

Posted on May 29, 2009 at 1:41 in Uncategorized by Ross Yamashita

Ending diagonals are another formation we like to trade - although these can be very tricky and VERY frustrating. It’s really hard to determine how far the 5th wave of the ED will go before changing direction.

Pro Pipper Trading

We drew our two trendlines in. Look for the currency pair to test the bottom trend line, go back up and then drop down.

Looking at the daily chart, it seems as if we’re forming a strong, impulsive movement so the larger wave down on this 5 minute chart could be the start of the retracement on the daily chart.

Again, use extreme caution when trading these. Check your announcements and definitely place your stops.

Good luck and we hope everyone has a great weekend.

Tags: Elliott Wave, NZD/USD, Pro Pipper Trading, Ross Yamashita

3 Responses to “NZD/USD Trade Analysis”

  1. on 29 May 2009 at 4:40 am1vytas

    hi Ross,
    I am looking at NZDUSD now have opened short position already, but looks a little too early. what would be your critical resistance level?
    thank you,
    Vytas

  2. on 13 Jun 2009 at 10:27 pm2e

    .6470 1ST
    .6495 2ND
    .6550 3RD

    YEEE!!!

  3. on 13 Jun 2009 at 10:31 pm3e

    Revised
    .6440 1st
    .6470 2nd
    .6495 3rd
    .6550 4th

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