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UPDATE #2: AUDUSD: Is it time to BUY? Filled Crab says YES!

FX:AUDUSD   Australian Dollar/U.S. Dollar
So it seems that many traders here were SURPRISED that Aussie dumped? Well, anyone who followed my posts were not taken by surprise and your patience may now pay off. Can it still decline some more? Anything is possible and if you take a LONG position here, make sure you have your stops in place.

UPDATE #2: In my last post on this pair (see Related Ideas: "UPDATE #1: AUDUSD: Is it time to BUY? Crab says NO! Part II"), I posted a crab pattern that pretty much would be complete right where a DAILY AB=CD pattern would also complete. At that time, prices were near the top of the descending flag channel. Descending flags at the end of a down trend are normally a bullish pattern . So with the crab now being completed as well as the AB=CD pattern, it may be safe to say that the descending flag may also be complete and now signaling a move up.

Crab patterns tend to complete with a very strong move right into the D point and many times will test the PRZ. In this case, prices did drop explosively right into the crab D point and just a few ticks past it. Typical of crab pattern completions.

The profit targets for the crab pattern are on the chart as well as the PRZ. Where you decide to put your S/L is up to you. My S/L reflects my trading plan that all positions must have at least a 2:1 risk:reward.

Good Luck!
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