EverythingForex

TRADE Update: AUDUSD - Completed Crab May Lead To Strong Retrace

FX:AUDUSD   Australian Dollar/U.S. Dollar
1211 23 23
6 months ago
AUDUSD: Strong Downtrend Losing Momentum May Let Bulls In

AUDUSD             has been dropping in a strong downtrend as of late. But it has stalled and now looks poised to turn back around. But when it does turn, what does that mean? The main trend is still up. Not down as AUDUSD             has been in a large correction of the larger degree main downtrend for the past months. Is the correction done? Or is there more upside to go in AUDUSD?

Here is the chart of the trade I posted to my members yesterday for the BUY trade I recommended:
snapshot

In the main chart above, you can see that prices did drop, hit my MAJOR (H) SR structure and reversed. It also completed a crab pattern and also reached the H&S pattern profit target. There is also divergence in the RSI . This is all price action that I expected to happen. So I told my members to take the trade. Now looking for prices to move up in wave (B).

If you want to know why I see this recent drop as a wave (A) and why I am expecting a wave (B), see my FULL ANALYSIS long term outlook post. Get it here: http://goo.gl/SxB0ed (Free post. No subscription required)

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Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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6 months ago
Comment: TRADE CLOSED@.72815 Closed it this morning at 12:21 AM (EST).
6 months ago
Comment: Closed the trade and took profit because of this POTENTIAL Bat that was forming and that it's D point was below my entry. So I decided to close the trade and take profit while waiting for the Bat to complete. Which it did. Now I am waiting for bullish PA to see about re-entering.

snapshot
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countingwaves
6 months ago
Helpful insight as always.
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dhanes71
6 months ago
This is a great view! Thanks!
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SkyrEk
6 months ago
Hi mate, where will your SL be? .7240? (Major structure)
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EverythingForex PRO SkyrEk
6 months ago
I know you won't like this but I've already closed this trade and taken profit. Alerted this to my members this morning.
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SkyrEk EverythingForex
6 months ago
oic, alright mate ;)
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EverythingForex PRO SkyrEk
6 months ago
Won't be looking to re-enter for now. Will wait until I have re-analyzed and see what this recent drop means in terms of the overall picture.
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SkyrEk EverythingForex
6 months ago
Yeah, agree, wasn't expecting this drop either.
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SkyrEk EverythingForex
6 months ago
one thing for sure, the divergence is still on-going
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yevgeny.shirshoff
6 months ago
why???
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EverythingForex PRO yevgeny.shirshoff
6 months ago
because last night I saw that there was this POTENTIAL Bat that was forming and that it's D point was below my entry. So I decided to close the trade and take profit while waiting for the Bat to complete. Which it did. Now I am waiting for bullish PA to see about re-entering.
snapshot
+1 Reply
SkyrEk EverythingForex
6 months ago
Good foresight there! Well, markets want us to buy it at an even cheaper price then. Blessing in disguise ;)
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EverythingForex PRO SkyrEk
6 months ago
Well, I actually was late in closing it even though I saw the POTENTIAL Bat. Should've closed it much earlier but still....12 pips profit is better than a loss. Wait till top of the hour in 5 mins to see about re-entry LONG
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SkyrEk EverythingForex
6 months ago
yeah agree with you, no one ever got broke while taking profit. Yup, hourly candle looks promising, let's see how it closes.
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yevgeny.shirshoff
6 months ago
why not 716 or 711 or 700... but 724??? from up???
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EverythingForex PRO yevgeny.shirshoff
6 months ago
not sure what is your question.....
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yevgeny.shirshoff
6 months ago
ok.. thanks.. i see ... after FOMC...
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yevgeny.shirshoff
6 months ago
I'm sorry, I did not get it??? I just do not understand all of these things and not really support your opinion .... but nevertheless after FOMC all will become clear how the market will react ... ...
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yevgeny.shirshoff
6 months ago
-That is why I saw another ... all fail and the euro and pound, and Australian ... and only then it is possible .. quick Start
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EverythingForex PRO yevgeny.shirshoff
6 months ago
well, anyone who has followed me for awhile knows that I don't trade using correlations. If you see my other posts you know that I called the drop in the EUR all the way from the top and sold it from 1.15640 and in profit over +300 pips on that. But that has nothing to do with why I took the AUD trade. And nothing to do with why I am long on GBP and in profit on that by over +400 pips. See. EUR and GBP are normally positively correlated but lately they are going inverse. So that is why I don't trade on correlations. I trade what I see.

You are free to disagree with me as anyone is though. No need to apologize for it.
+1 Reply
yevgeny.shirshoff
6 months ago
ok i see.. thanks
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Rayge
6 months ago
audusd at 0.618 and hit uptrend line
still can long...
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SkyrEk
6 months ago
I guess the 61.8 level is the level for the reversal to the upside (you been calling for it) to take place. Cheers mate!
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EverythingForex PRO SkyrEk
6 months ago
working on a re-analysis and yes, there is a good long opp coming.Not yet though. Glad I got out when I did. Whew! take my 12 pips and go buy a tall glass of something alcoholic......
+1 Reply
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