Week 2 on the Kiwi

Good Morning Dynamic Traders,

Hope you all had a great weekend, and are ready for another week of trading.

On Friday I discussed the possibility of price reversing with a 123 top and the possibility of price being in a bullish flag. Unfortunately due to the weekend and the markets being closed we have had no action in price so we are going to have to wait a little longer to see what happens.
However there is a third possibility on what price might do, and that is oscillation. Price has not hit the Fib reversal level, which means that the 123 top theory is slightly weakened. With price being in an uptrend and price missing the Fib reversal level, price might end up confused and might oscillate until it decides where it wants to go.

The best action to take here is to get ready for all possibilities and then wait. This way we won’t miss an opportunity to make money.

Happy Trading

Richard Monnery