FX:AUDUSD   Australian Dollar/U.S. Dollar
57 6 0
I am short at the re-test of the upper median line parallel. There is some very nice confluence, assuming price actually turns down from here. The 123.6 Fib (or, more precisely, the -23.6) and the 1:1 both measured from 10/25 come in at the median line.
wuweitrader
2 years ago
If a 1:1 extension is done on the recent move down - it aligns nicely (exactly) with median line target.
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ForceFollower
2 years ago
A very long-term perspective. It can take half a year to complete a move to the red median line.
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wuweitrader ForceFollower
2 years ago
Yes, if I get in (it missed my entry on my platform, but I have time). There is another median line that can be drawn, pointing upward, but I like the test and re-test against this red one. Obviously my stop is a lot larger than usual due to the time-frame, so I would be looking to collapse risk faster than I would have otherwise.

What are your thoughts on the chart?
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ForceFollower wuweitrader
2 years ago
Your both forks are fine. And even if you draw a bigger down fork, you'll get the same line. However, you can observe something called "an efficiency loss", as price doesn't make it again to the same down-sloped parallel lines. This is bullish and can result in the upper median line parallel's failure. The AUD is still relatively strong (neutral-strong by my standards), so my bias here is bullish. But the down forks are still in play, so it may just as well resolve to the downside being contained by the down forks.
snapshot
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wuweitrader
2 years ago
Entry hit, I am now short.
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wuweitrader
2 years ago
If price (weekly) closes below the recent swing low (about 0.9200) I will collapse my risk down (probably to breakeven).
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