All of the technical analysis fundamentals are shouting short!!

FX:AUDUSD   Australian Dollar / U.S. Dollar
987 8 6
Last week was a great week of trading, and I could bring in more than 650 pips, 450 only came from the EURJPY             Bat pattern , thanks to BOJ rate decision, that I shared here on my page (I have it linked down here). However, I was doing my weekend analysis on my portfolio, and AUDUSD             looks like a very nice trade for next week to consider. Now, I know the chart looks a little bit messy, but I'll explain. I think the relief rally for this pair is terminated, and we are about to go back to the underlying bearish trend of the market. We are back at the previous trend line and structure support which should turn to resistance now. Fib retracement, extension, and inversion, and ABCD harmonic completion all lining up at a same area. Looking at candle stick formation, the daily doji close on friday is another confirmation. Sounds more than enough, right?! Good luck!
Comment: If anybody is in this trade, just to let you know as an update, I had opened 3 contracts, and I just closed my first for 83 pips.
Comment: Stopped out for other portion of contract on a protective S/L. 83 pips of profit conserved!
Erfan.Parvini pathaniasourabh
According to my rules, A-B leg of the bat pattern should at least hit the 50%, which in this case it does not, so this is not a valid pattern formation for me.
+1 Reply
I'm a little lost at the moment with AUD/USD... on the one hand (1) we could see a retrace back to 0.70170, on the other hand (2) we could see at run up to 0.764 (0.7208). If price does reach the 0.764 level, then I'm in for a massive short.
Erfan.Parvini AndrewFx2020
Well, since I'm more of Ratio-Fib trader, my main reason for entry is the confluence of structure and 61.8 retracement. I will not be waiting for price action to get to 0.764.
That's a gigantic stop loss!
Maybe we get a retracement but I don't think it'll go back to downtrend mode so quickly.
Erfan.Parvini IvanLabrie
Yea! Pretty big SL, because there is a chance to rally all the way up to retest the highs. It may, or it may not, I use the Daily chart for an overview, I'll drop down to 1 HR and probably split the position into 2-3 contracts, and take partial profits as we go down :)
+1 Reply
IvanLabrie PRO Erfan.Parvini
It's not a bad idea.
Good luck!
Erfan.Parvini IvanLabrie
Yea, I do not trade daily charts at all, or rarely. Likewise my friend!
+1 Reply
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