Guy's for context of all my previous posts regarding this pair see links below. I decided to prepare a new post for this pair to clean it up so it might be easier to see what we are looking for in terms of buying AUDNZD. Key to understand is that I'm looking for either a wave 3 or C higher which means that we need to see a bullish 5 wave structure. These 5 waves will have impulses of lesser degree as well. So by focusing on this pair alone we can take many trades. My cumulative risk will never exceed 2% so I will keep buying with 2% risk and move all my previous trades at least to break-even when adding. This way the overall risk/reward will be tremendous as you will see over the next trading months.
Nevertheless this is all scenario planning, although my clients know that I'm planning and forecasting this move for almost a year with many short term trades up to this moment, nothing has been confirmed yet and any kind of emotion should be ignored, either a positive or negative bias.
I've been triggered long again after the first attempt last week at 1.0346 which was 78.6% Fib as well as an important level in terms of this months trading range. This was an aggressive entry and I never share pending orders to catch tops and bottoms on Tradingview because I manage these entries manually and updating those entries will result in misunderstandings and lags. I will always share a trade where you can rationalize stop-losses because trading is about planning scenario's and therefore managing Risk.
So what will be next?
We see an impulse of lesser degree from the recent low. Let this settle and consolidate to buy the continuation with your stop below the consolidation. Keep in mind that AUDNZD is a ranging pair which has certain characteristics. Both economies are very depending on each other so this will influence the Central Banks behavior for example.Be patience because it will consolidate and provide us with an even better entry than my pending buy. If it doesn't consolidate and reverses you are not in the trade.
I expect to see a consolidation soon, once this settles we should be looking for buy's again. Updates will follow once we see the consolidation to be in progress.
评论
LongBreak
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thanks for info ..
forexstock100
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Firstly, thanks for your posts . I have two questions, what are the characteristics of the ranging pairs ? , and why do you target 1.272 fib level ? A lot of times it doesn't hit it .
Thanks in advance, Mr.Tim.
forexstock100
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I mean -0.272 fib level.
TimStuyts
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Because this is the strongest target level after previous high/low in a correction and got statistically hit more than 80% of the time. But it is an indication and you see that once the corrective structure progesses I will adjust if necessary and almost all targets get hit. Also I trade structure and not levels so that's why I always say that lines are indications.
forexstock100
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Thanks for your fast response
TimStuyts
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You're welcome. I call it a week now so wish you and all other followers a very nice weekend! See you next week.
ElhaniHany
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Mr.Tim
you are A/N trading lover
I Am waiting 102.25 to buy
good luck
TimStuyts
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I see your point in terms of a potential move lower. Keep in mind the dynamic of this pair and if we move lower watch for psychological level 102 which will be close to your entry or maybe even slightly lower. I have pending buy's in that area as well but I trade what I see and we might not move lower anymore that's why I bought AUDNZD already. Nevertheless we will see and I adjust accordingly stop loss is already at break even. Good trading to you!