NZDUSD - Follow up to previous post

٢٠ أكتوبر ٢٠٢٠

This is a follow up to my previous post and is here simply to show the effectiveness of the Elliott Wave Principle and one way to apply it.

We shorted this ending diagonal right after closing our longs because for 2 reasons : 1) We got an Ending Diagonal wave 5 which should be followed by a sharp reversal.
2) We got could count 5 waves up, and the wave principle tells us that a reversal should then follow.

Here's how we played this with my subscribers:

14 Oct 18:13 :I'm shorting this one. 20pip risk is nothing


16 Oct 01:23 : Our short was a great idea and played out perfectly here. I'm going to close and take 2/3 of my profits and move stop to 6652 for the rest.


20 Oct 01:52 : I prepared the chart yesterday but didn't find the time to look it up today and sadly missed a nice opportunity to re-enter again on those one... Sorry 🙏
Let's now see if it can go outside this rising channel and below 6576 at which point we maybe can get a new shorting possibility.



20 Oct 17:09 : Testing lower channel line. If it stays sideways here, we could get a new short entry possibility.