NZDUSD Cypher

29 août 2014

earlier we missed an opportunity to enter into a short with this pair, which eventually reversed and hit stops, however, the market began to paint a beautiful cypher. I'm watching Elliott waves along with the pattern to determine which is the preferred target, for now i'm fixed on my initial target, but i will go lower time frame for a more detailed view of the candles to know when to fold. 0.83389 fulfills the 1.618 expansion from wave 3 to 5, but it's not always a fixed retracement, so for now, i will stick with my initial target, a bounce at 0.83389 will make a nice entry though, but with the concentration of tops and bottoms that exist at my initial target zone , i'm certain the market will get a bounce at this zone.