NZDJPY ABCD/1234 SHORT
Updated
Found what I thought would be a simple shorting into a downtrend when price retraced to the 61.8 RETRACEMENT of the impulse leg XA
Further inspection of the RETRACEMENT LEG ABCD revealed a 1234 movement, which terminates at the 1.272 EXTENSION OF AB . This level has further confluence with structure on the left and with the 61.8 RETRACEMENT OF XA. This will be our ENTRY ZONE
Price seems to have neared ENTRY ZONE and retraced. Planning to enter a full position @75.41
Further inspection of the RETRACEMENT LEG ABCD revealed a 1234 movement, which terminates at the 1.272 EXTENSION OF AB . This level has further confluence with structure on the left and with the 61.8 RETRACEMENT OF XA. This will be our ENTRY ZONE
Price seems to have neared ENTRY ZONE and retraced. Planning to enter a full position @75.41
Note
11/6/2016Price has double topped confluence with a Rsi divergence on the 4H chart. Looking for a 2618 reversal before adding to my position!
Note
17/06/2016Failed to get a suitable entry to add to my position, pair moved down lower and TAKE PROFIT hit!
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