UPDATE #1: AUDUSD: What I am waiting for to go short

FX:AUDUSD   Australian Dollar / U.S. Dollar
1220 2 33
Prices have gone EXACTLY as I have expected. BUT still more patience MUST be exercised in waiting for PA to give us a bearish signal. The way prices are going, it may continue up more. Remember, I am VERY BULLISH on this pair and overall am expecting MUCH MORE upside in the LONG TERM. For now, I'm still looking for wave 2 to occur.

And now with this kind of price action, I am not so sure of a deep wave 2 retracement. Why do I say that and why is that important to think about?

First, the cypher I predicted is now in play and I am just waiting for bearish PA to tell me that the C point might be set. But because there is a possibility that we may not see a deep wave 2 retrace as the cypher completion would suggest, there is also the possibility now that prices may shoot up and past the MAX C point of the cypher and invalidate it. With that in mind, this is why must wait for bearish PA to tell us when to get SHORT. If you jump the gun now, might get burned. Or else you better be able to withstand some pain before it finally does fall.

In any case, just need some more patience......I would say that in trading, 70% of the time is spent mostly just sitting patiently and waiting for a good setup to occur. If you have itchy trigger fingers, most of the time, you will lose a trade or get stopped out before the actual trade has shown itself. A lot of times, you may have the right idea and direction for trade, but you just have the wrong timing.

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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explicit, thanks.

short around 0.715
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