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Contracting Triangle

by Anthony L, February 13, 2021

NZD/USD H4 Elliott Wave

by Anthony Lyle February 13, 2021

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NZD/USD

|

Short

|

H4

Timeframe:

H4

Analysis Method:

Elliott Wave

Analysis:

It looks like NzdUsd is coming to the end of a contracting triangle, this is the black ((B)) wave of a ZigZag

Trade Plan:

It will be best to wait for the blue (B) to (D) trend line to be broken before entering,

Risk Management:

Risk Reward 2.79. Use a smaller than normal lot size as this trade is against the main trend. use stop loss moving to B/E once price breaks blow wave ((A))

Things To Watch For:

Market not reaching target its also possible for price to extend further to 50 or 61.8 fibs

LEAVE YOUR COMMENT HERE:

View previous comments

    1. I would check 1hr time frame wave (E) needs to complete in 3 wave followed by a strong bearish 5 wave move breaking the trend line a supply zone would be the best entry after a correction.

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