IvanLabrie

AUDUSD: Downtrend expiry is close

CME:A61!   AUSTRALIAN DOLLAR FUTURES
2 years ago
This is an update to the expected Aussie dollar reversal which I have been monitoring for some time now.
The level price is at, is a very significant one, which I don't think will be easy to break.
I posted a short term long setup in one of my charts, but I didn't publish a long setup chart after the ones I had before failed.
This time, I suggest waiting for the date signaled by the vertical line in the chart, which is the time when a long term downtrend signal expires, as per Tim West's methodology.
One thing I'd suggest is not shorting the Aussie dollar vs the greenback for the time being, considering the support below, and the proximity to the expiry date.
I'll update the chart once I find a valid long setup with clearly defined risk and reward.
Cheers,
Ivan.
a year ago
Trade closed: stop reached
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
mcpeacocks
2 years ago
interesting, and seems to be supported by the regular bullish divergence on the daily chart? I am still short, but will be looking to TP around .7550
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IvanLabrie PRO mcpeacocks
2 years ago
Just trail stops over a 3 day high if short.
Good luck!
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jangseohee
2 years ago
0.73?
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mcpeacocks jangseohee
2 years ago
great chart @jangseohee, pulled my monthly chart up as well, andit seems there is a pivot at 0.71708.
will be monitoring my shorts closely, and with a decent trailing stop as @ivanlabrie mentioned.
good luck, cheers

+1 Reply
IvanLabrie PRO jangseohee
2 years ago
0.73-72 I consider to be a steel wall...
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Still potentially bearish, short term bullishness might be a correction, I advise caution.
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Levels to watch:

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Highest low, and long term support below. Time expiration is not far off...
RgMov at resistance, if it plots a new high over that level, I'd watch for a long entry.
Watching for the time being.
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Potential long target and bearish trend resumption level.
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IvanLabrie PRO IvanLabrie
2 years ago
Bullish target was met, price reversed and when time expired it reversed yet again.
My wave count might have been correct too, except that five might have been hit.
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Time expired, price reversed...gold is heading up for at least 7 daily bars.
Copper might reverse now as well, boosting AUD to retest the resistance levels above.
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