FX:AUDUSD Australian Dollar/U.S. Dollar
We had a great slide on AUDUSD today. Major pippage! In order to capitalize on all price action for this pair, I want to take profit on the wave-B completion which will mark the completion of a pattern. We know that there will be continued correction because the A wave is quite clearly a 5-wave impulse move and thus we should expect AT LEAST a sharp correction to complete before continued price action, if not a deeper combination pattern. SL is placed beyond the base of wave-A and the most common SL for a . I want to start looking for shorts again at A=C. If I don't see any impulses to ride out I will wait for the potential bat to complete. More updates to come as the tide rolls
Trade active: Long is active! Too early to declare with confidence, but the entry zone is showing nice resistance. If stop is hit, it would be a rare expanded flat after a very strong impulse in wave-A. Good luck!
Comment: CORRECTION: Entry Zone showing nice SUPPORT
Comment: Here is an alternative chart that reveals recent price action:
Comment: Wave count update! We're coming out of a triangle, likely bullish PA from here:
Trade closed: stop reached: We witnessed an interesting triangle correction in the fourth wave that surpassed the end of wave-3. I like the bearish side on this coming up, as this is a great indicator of bearish bias and a swift drop after the correction in wave-2 is completed: