IvanLabrie
Long

AUDUSD: Monthly range expansions show sellers get trapped higher

OANDA:AUDUSD   AUD/USD
17 days ago
Looking at monthly ranges, we see that months with sharp selloffs, that surpass the previous true range, as measured from the open to the low, have been causing sellers to get trapped at increasingly higher prices. This is bullish and shows accumulation, and shakeouts taking place. The monthly chart shows a mode near the highs, and now we're testing support at the bottom of the monthly range, so we have a great opportunity on the long side, after the market got extremely one sided.

Sellers might get trapped here again, this time higher than the previous range expansion months, which is bullish overall. Daily and weekly RgMov readings are bullish , and we have massive lag relative to copper             and iron ore, which eventually will play out, so I remain bullish .
The entry to add to longs is described in my 4h chart, see related ideas for more information.
Keep these levels in mind, once above, they act as support on a retest.

Good luck,

Ivan Labrie.
17 days ago
Comment:
snapshot
16 days ago
Comment: Once we go above 0.74603, November sellers will be trapped. Right now, it seems highly probable, let's wait.
14 days ago
Comment:
snapshot

Looks quite good so far, holding longs in profit.
10 days ago
Comment: Trailed stops to 0.7472 and doubled up again. I had added near today's low too, doubling my long and trailing stops to 0.74048 first. (a signal my clients received).
8 days ago
Trade closed manually: Trailed out in profit. We can reenter but it's not ideal.

snapshot


Alternatively, we can wait for an oversold dip to buy back in.
a day ago
Trade active: I bought back in near today's open.
a day ago
Comment: 0.75-0.76 is in the cards.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
timwest PRO
17 days ago
Once it goes back through the mid-point, that is exactly the conclusion to come to: That sellers are trapped at those low levels. Excellent graph.
+1 Reply
IvanLabrie PRO timwest
17 days ago
@timwest, thanks Tim, it's very clear, probably due to the correlation with SPY and other 'risk on' assets.
Reply
rich15stan
17 days ago
How do you pull up that red and green wave. I want to use it to make my waves as well. Looks like it will work better for me.?
Reply
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