AUD/USD - Go Long RGHT NOW !!! - Minimum risk/reward 1 : 3.5

Price seems to have started a wave A as an impulse.
We are currently in wave 2(black) of wave 3(orange) of wave A (green).
Therefore, buy towards 0.7300, where price will find natural resistance.

Stop loss level : 3 possibilities depending on your risk level.
~ 0.7070 ( wave 2 should end around 0.7078)
~ 0.7510 (orange wave 2 low)
~ 0.7021 ( wave 1 (orange) low)

* First stop : would negate the sub wave (ii) termination point. But not the whole move.
* Second stop : subwave 2(black) should normally not be bigger than wave 2(orange) but can happen.
* Third stop : negates the impulsive wave count.

Make your choice :)



PS : Look at my previous post for the oerall view of the move.

PPS : Comment, like and share;)

Comment:

Price exploaded for wave 3 as expected giving +135pips already.

Move SL to break-even.
Wave 3 nearly ending, expect therefore a wave 4 lower before one last push higer to end the larger degree wave 3.

Comment:

Move Stop to wave 1 high so that whatever happens, you still get some pips out of it.

Comment:

Take some profits.

Comment:

Wave 3 finished, wait for the corrective wave 4 to end and scale in.

Trade closed: target reached:

+242pips for first entry
+219 for second one
+85pips for third one
--------------------------
total : +546pips !!!

Comment:

Now I'm expecting price to fall for a B wave before starting to go long again for wave C.
Short it if you like.

Comment:

Comment:

Wave ((a)) finished, now price making wave ((b)), don't get fooled, there will be a new leg lower.

Comment:

Updated chart :