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.
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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:
ANALYSIS: AUDUSD: Is Wave 3 Done? If So, Where Will Wave 4 Go?
+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
Bullish flag = AUDUSD
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