Daily Forex Analysis with Elliott Wave (04.27.2018) - EURNZD, NZDCAD
Dear Steemians, welcome to Wave Analysis...
Today, we have 2 new trade setups. Then I will update the Hotlist.
New Trade Setups
EURNZD
I think there is a good chance for down impulse after corrective structure. The minimum target for the drop is to break the previous bottom. That's why I've put an entry order. The correction is still too small, so it can go down and turn back for bigger correction. This is the main risk of this trade. But if it falls, I will be in the trade.
NZDCAD
Even if the daily down move is too sharp to be the whole correction, it can be in some rare cases. That's why I would like to take a long trade for next up impulse. If it makes a correction I will close it with some profit or at breakeven. The trade setup is sharp up move and very clear looking correction.
Updating of Hotlist Items
Active Trades
USDJPY: Waiting for a correction to take another long trade. Leave it alone.
AUDJPY: My expectation is still up move, but what it is doing right now is not clear. If you have this trade please make your own decision. You can close it or move the stoploss to breakeven or leave it alone like I do.
GBPCHF: The shaprness of up move doesn't look good. If it comes down fast I won't touch my trade. If it makes a correction I will close it with small loss or at breakeven.
XAUUSD: Leave it alone until it makes a big correction. Then we can move the stop-loss to breakeven and take another short trade.
USOIL: Both directions are possible. Move the stop-loss to slightly above previous top.
SPX500: Leave it alone.
Waiting for Correction or Breakout
GBPUSD: Still waiting for a nice correction. Those who have this trade don't do anything until it breaks the trendline and makes a correction. Then closing the trade can be good idea.
EURGBP: This was the trade setup, but before I publish it went up. So, just wait for a correction to take any long trade. Don't jump in.
GBPAUD: This was the trade setup, but before I publish it fell like a rock. So, just wait for a correction to take any short trade. Don't jump in.
Removed from the Hotlist
CHFJPY: Stop reached.
CADJPY: Trade closed manually.
You can visit the published idea page on Tradingview by clicking the name of the asset. If you like to see more details and explanations about this trade setup and updating of Hotlist items you can watch today's video on DTube by clicking the following image.
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Until next time, trade with care.
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What is Hotlist?
Hotlist a short list, which contains charts that were shared in previous days. So, today's new trade setup will be in the Hotlist tomorrow, and I will update its status every day until I remove it from the list. Each chart will be in the Hotlist as long as we have an active trade or a pending order or its trade setup remains valid.
Disclaimer:
Don't invest more money than you can afford to lose. Trading carries a high degree of risk. Everything here is my personal opinion, should not be considered as trade calls.