For today i found a good setup to trade.
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Today i found that AUDUSD moving inside this and it looks like it is following the theory.
So we will jump into counting the wave.
I am planning to sell this pair as it is now making the 4th wave pattern. For some people they could see this as a .
You could see that at the end of this triangle there is a horizontal resistance and descending as well.
Pretty much we could say 0.7150 area is a confluence of resistances.
Our stop loss will be at the wave-1 area 0.7200 becase according to the rules, wave-4 can't touch wave-1 area
Touching it will invalidate our analysis and sell setup.
Sell AUDUSD 0.7150
Stop loss 0.7200
Take profit 0.6980
RR ratio 1 : 4.2
Use only 1-2% risk
Disclaimer : I sold AUDUSD from 0.7150