TRADE: AUDUSD: SELL@.70712 wavev (b) +expanding Triangle done

FX:AUDUSD   Australian Dollar/U.S. Dollar
1302 8 26
I am taking a SHORT position here expecting that a wave (b) of 2 is now complete with an expanding triangle wave E also complete. I would expect now that prices will drop from here in a wave (c) of 2 to retest the recent lows before commencing a wave 3 up.

There are also 2 POTENTIAL patterns here that may mark the end of the wave (c) and wave 2. One is a butterfly and the other a bat. Both complete inside the "G-Zone" which is a high probability reversal area.

My stops will go above where I marked wave 1 ending because if prices were to move past that point, then obviously my wave count will be proven incorrect and I would need to re-assess my counts. This point would also invalidate the 2 patterns so there would then be no reason for this trade. The risk reward on this trade is outstanding as I will only be risking about 17 pips with a potential of gaining +100 pips.

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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a year ago

LONG analysis on this pair is still valid? did you sells your longs?
EverythingForex PRO tommy40cohen
a year ago
No. My LONG positions are being held for the LONG TERM. They are not closed and will remain open until it hits TP or else get stopped out. Thye are entirely separate trades from any other trades I may take in this pair either LONG or SHORT.
tommy40cohen EverythingForex
a year ago
thanks a lot!
a year ago
the price already hit 0.7088. are the gatley patterns still valid?
EverythingForex PRO ygautama24
a year ago
What Gartley are you referring?
yeehuei PRO
a year ago
I closed the position and take profit earlier because i saw a bullish flag pattern in the making...
EverythingForex PRO yeehuei
a year ago
Ok, that's nice. I don't ever go down to the 5M chart so I wouldn't see that. But anything on the 5M TF is too short a trade for me to take or not take. I don't trade below the 1HR TF. But if you got some profit, that's great!
Thanks for sharing. Similar views, but I will only be adding to my long position. Have placed a long entry order at 0.6970.
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