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CURRENT MARKET TREND: Up 5/27/16 @ 2090
Stop-loss 2026






Tuesday, June 17, 2014

AUD/NZD - Playing a Wave 4 Bounce

I'm going to be playing what I believe to be a wave 4 coming up in AUD/NZD from the 1.0765 fib support zone.


Trade Parameters:

Buy to open with 1.07650 limit order.
Stop-loss @ 1.07350
Take Profit @ 1.08600

Risk 30 pips / Reward 95 pips

Why the 1.08600 take profit level? Based off the entry point, which I believe will complete wave 3, a bounce to 1.08600 would make wave 4 = .382(3) and wave 4 = 2. It also also the area of the prior iv wave.

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