CLOSED TRADE: AUDUSD: SELL@.70712 SL Hit -18 pips

FX:AUDUSD   Australian Dollar / U.S. Dollar
827 9 17
Well, that was fast. If it's gonna be a losing trade, I'd rather it be a quick out so I can move on quick! Lost -18 pips on this risk. Will now wait and re-analyze what's going on and see what I might've missed here.
SPECIAL Commodities $39.99/mo http://bit.ly/2AZWhx4
List of my ACTIVE Trades: http://bit.ly/2JkoaR3active
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.c
On the daily chart, this pair looks to be in a correction of the swing down from 18 Sept to 29 Sept.

On that swing down, it never broke below the previous low hit on 6 Sept, made a higher low, bounced and consolidated before making a second attempt to break below the previous low, which failed, forming a double bottom.

The subsequent correction up hit the 38.2% fib before pulling back down leaving a hanging man candle: last Friday saw no continuation of that pullback.

A strong bullish candle today would suggest it may correct up further, perhaps to the 61.8% fib at 0.7148 for a potential 2618 trade.

My bias is still short but it's a wait and see situation for me.
Everything you said is correct. It is exactly as I see it on my charts. But my bias is VERY BULLISH on this pair and this SHORT play that I am anticipating will only be a brief correction down should be a wave 2 retracing the wave 1 of a possible 5 wave up move as per my analysis. When this wave 2 is done, we should see a large wave 3 up start. That is the real gem in this pair I am looking for. That's why I still have 2 LONG positions from the lows of that Sep swing down you mentioned on this pair and am holding them for the LONG TERM for this move up.
mustard EverythingForex
May I ask in which time frame you are Bullish?

Just wondered if you were calling any kind of bottom on the pair, which has been in a bear trend since July 2011.

I just see a fair chance of this hitting the 2008 lows to complete an AB=CD pattern extending from the high of June 2014.
You are thinking along the same lines I am. I've been posting about this pair for awhile now and OVERALL on the MONTHLY TF, I am VERY BEARISH. And yes, I do think that this pair has MUCH MORE downside to go yet before hitting a bottom the the long term downtrend. For now, I am VERY BULLISH on a DAILY TF.

I've been saying this for a very long time. Here's the last FULL ANALYSIS I did on this pair. Go take a look and my overall outlook will be much clearer to you. This was a chart from a month ago so it's not updated:
+1 Reply
PA went slightly above your SL, now it is going downwards as mentioned by your trading plan :)
SkyrEk SkyrEk
alright, i take back my words. It went above .71.
Gotta be patient, bro! It took out my trade and my wave count. When that happens, there's usually a reason for that. I took a chance on what looked like a very good sell setup. But I was wrong. Simple as that. It happens. Only thing to do is to sit back and watch the PA for signs of another sell setup. Do I think that there is going to be a move down coming? Yes, I do. But I don't know when. For now, let's just enjoy the upswing as I still have LONG positions in this pair going. So I don't mind at all that it's going up.
SkyrEk EverythingForex
right on bro. Thank you for your advice!
This is the way i looked at this trade
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out