This is an update to my bigger picture short Idea:
When I posted the above Idea, wave 4 correction was just starting. As wave 4's often do, it consolidated and then formed a bear flag. Today some bad econ news out of China started the final leg down.
The green zones are upcoming support areas to watch. I will be taking some profit at each zone, and trailing a stop on the remaining position. Trailing stop will be placed just above the last zone to be crossed in each case. .
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Background: I am a longer term AUD bear, anticipating a serious drop yet to come
Since then I have been looking for shorting opps such as this plan:
After some good news about the US-China Trade War, I was expecting a significant move up:
As the above impulse wave up was ending, the top came into focus for shorts
My last plan was to let wave 4 retrace (up) take place and then try to catch wave 5 down
So the current Idea is to fine tune the targets for wave 5
Comment
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AU almooooost touched my first zone
The low was .71511, which makes sense somebody wanted to buy 7150, so the limit order was at 71511 like I often do myself!