Long Term NZDJPY elliott wave count

18 Şub 2013Watching the last episode of Money in Motion (CNBC) one of the contributors expresed interest in buying NZDUSD at this particular juncture because for one side the New Zeland bank's gov. expresed bank's inability to avoid their currency appreciation and by the other side, the YEN is probable to keep its weakening. So I decided to give it a look. To me is a bit dangerous start a long at this point because its far from any reference point to place a decent stop loss, So even when the wave count shows it probably will go higher, I really prefer to wait a some kind of retracement that gives me a reference point near where the price action is right now.