I'm closed half my position at 2.0322 at a 103 pip profit and moved my stop loss to break even on the rest of the trade. Although I think this pair can get to 2.0700, it is not in my trading plan to wait for that to get hit. Instead I am looking to close the remainder of my position at 2.0375.
HERE IS THE ORIGINAL TRADE SETUP:
The GBPNZD has been destroyed the past few weeks and a short term correction is due. As you can see from my wave count, the pair has completed two 5-wave impulsive declines within an Intermediate wave (3) down. A sharp wave ((ii)) is in order from current levels which is supported by the bunching up of price action between 2.0000 and 2.0250, and also since my custom indicator triggered a long signal that was just recently confirmed on the recent price action higher. This pair really moves wildly so I'm taking it slow and safe with just 1/3 position:
Long at 2.0219, profit target now of 2.0500 and stop at 1.9950.
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
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