AUDNZD: D1 1234 reveals WRMB of 8 weeks high
Last Friday, a tweet was given out on AUDNZD.
$audnzd big 1234 h4 d1. Below 10840 has S 10770-80 10660-70.
— TerraSeeds FX Tflow® (@terraseeds) June 13, 2014
On the D1 chart, we can see that month to month AUDNZD is still down.
- Month to Month, price is down.
- Expansion in December 2013 was a break down of 5 months worth of lows meeting a big move criteria.
- We can also determine that the slightly uppish move this year is merely a 50% retracement of the downflow.
- Last week (Wk #24) price expanded downwards and has closed below 4 months of highs with Mar 2014 high as a last immediate support.
- A 1234 can also be seen on the D1 charts with a WR completed.
A WRMB of previous 8 weeks high can be seen on the AUDNZD charts.
On H1 charts, a small 1234 pattern is visible
- Following a close below previous week low, any retracement back to see the low as resistance in the form of a 1234 can offer opportunities for entry.
(Updated 18 June 2014 – By Jerome)
Price has since moved as predicted, dropping 63 pips as it reached the 1st support zone. If price is able to close below this existing support, the next support zone will be 100pips away.
(Updated 20 June 2014 – By Jerome)
- Price is supported and seems to be heading up towards to retest resistance.
- We can also that a possible 1234 pattern forming.
- Take note if price closes above the grey resistance zone then that could turn to become support allow price to head higher.
Updated by Binni 1 Jul 4.00pm
Referring to AUDNZD tweet, the first time we entered this trade was 13 Jun, price was around 10840. This trade reached 1st level mentioned, 10770-80, with average 65-70 pips profit
Second time I tweeted again on it, saying
— TerraSeeds FX Tflow® (@terraseeds) June 25, 2014
On second tweet, price reached low of 10720 and rebounded. If one has entered again at 10765, then at current price, this would result in a loss of 35 pips. Therefore, combining both trades, this would be a gain of about 30-35 pips.
I never bite my words, a win is a win, a loss is a loss. At this moment, if price is above 10790, this trade is not good. Thus if you have followed through both trades, you would have resulted in a nett win. But if you have selectively followed only the second one, then it will be a loss to you.