So unlike my usual style, I'm going to ask you to NOT pay attention to the MAIN chart above just yet. Go back to it after you have read this whole post. OK? I promise you that you'll understand my perspective better this way. So below, you will see my WEEKLY chart focused on the wave count. The recent lows I believe was just the end of a long and powerful wave (3). Yes, on a SUPER LONG TERM perspective, I have maintained all along that this pair still has a LONG way down to go. So if that was the end of wave (3), then what stands to follow is a wave (4).
Below is the . Remembering the wave count from above, on this chart, from the end of the wave (3), the next move which should be a corrective pattern could be starting out with a expanding triangle in the wave A of the ABC wave 4. Don't pay attention to the "Advanced Study Bat". We will need to see where the E point of that expanding triangle will end first before we can more reliably project a pattern.
Ok, so now you look at the MAIN chart while I describe what's going on. The D leg of the larger expanding triangle also has it's own expanding that seems to have been completed. So now prices look to be poised to ascend in the E leg of that larger expanding triangle. Prices (as of the time of this post) has not broken above the upper TL of the D leg expanding triangle yet and I am thinking there will be another small rejection again sending prices back down for a bit low enough to form the right shoulder of a possible pattern. After forming the right shoulder, prices will then take off!
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Just one little thing - it seems we are getting possibly zigzag correction (weekly) 'abc' (3:3:5) because the wave 'a' aready made (daily) 'ABC' moves and followed by 5 wave move down . I could be very wrong, but it seems the wave 'a' (weekly) is over at first 'abc' (daily) move, and the wave 'b' (weekly) is on the move already. I can be wrong if price pass 0.73 zone, if not we would see smaller wave up 0.72-0.73 and 'testing the bottom' into the wave 'b' (weekly) before rally into the wave 'c'?
Sorry for a messy chart :)
I could go on and on citing example after example all POSTED for all to see if they want as proof so I'm not just blowing some hot air like so many do here. You can go check it, too. So you'll excuse me if your comment irks me. Especially that it makes you sound so juvenile. Maybe that was not your intention but it certainly came off that way.
So let's leave it to the readers to decide that if by your comment, they should believe you or not. BTW, I don't care if it goes down or goes up. I'm gonna make money either way.
There are many trader, posting that the economic collapse. Deflation, inflation, superinflation, stagnation, who knows what,,The novice always care about the fundamental news. Dollar collapse, buy gold buy silver, Market is rigged, BRIC, and bunch of BS theories to support their direction.
The Pro only cares about the direction, and betting on the direction. It is not the trader job, to predict the economic collapse or interest rate. It is the trader job, to profit from the direction.
Yes. Interest rates comparatively to the pair will flow to the higher interest rate like USDCAD. But that is overall picture. Trader still need to find a good entry. Technical Analysis is all about safe entry, so the trader can get out by protective stop rather it is profitable or not. Fundamental Analysis is just overall picture with no details on trading execution.
Again, it does not matter to me if the market goes up or down. TA allows me to be prepared to make money either way unlike FA which only causes bias towards one direction like you have. I'm free flowing. "Be like water" as Bruce Lee says. You are welcome to come back here and say what you want. By that time, I would've already made money on this pair regardless of direction.
Why don't you go and POST something on your own to prove your worth instead of just commenting? Put your words out there for everyone to see and critic and to have it PERMANENTLY stated so can refer back to it? I do. I'm not afraid of being wrong, dude. Because when I'm wrong, it gets me that much closer to being right. There's no place in trading for ego like yours. Ego does not make money.
In a previous post, you have trolls, claiming 88% win rate. I am like WTF! it implies that the hedge fund will lose money 88% of the time, and hand him the money 88% of the time. Nobody will like to lose money 88% of the time. He makes himself look like an idiot,claiming on Fundamental analysis alone (Buying and selling forex). The pro knows that Forex market is a huge market, measured by demand and supply metric. That means someone is better than good. Someone has to be excellent to get 60% probability. But the Bear has 40% probability to shoot at the trader at the face.
The pros only can get 60% of the win rate. That is the league of George Soros. Even someone is not excellent as George Soros. 40% probability is also a profitable. They can covered by 2x reward and strict risk & money management ratio.
Technique was just the measurement of safe entry point. It is always been money management and risk management.
For anyone going long answer me this how do you expect a currency to appreciate subjected to lack of volume from buyers volume.
1. Inflation is not meeting target by the RBA despite several rate cuts, last cpi was below expectations
2. Australian housing bubble is over HPI already starting to depriciate
3. Australian main exporter china is showing a strong trade surplus resulting in Australia export to china reduced over 30% last few years which accounts for 6% of their GDP
4. Fed is going to increase interest rates to 90% probability this December/ look at the nyse and dow why do you think they are having a sharp fall right now
5. Australia main minerals that are used for export and account for the trade balance e.g. copper, gold, coal, iron ore are hitting lows due to commodity prices and lack of demand based on international competition.
(THE RBA WANTS TO KEEP THE RATE BELOW 0.75 FOR FOREIGN INVESTMENT!!!!!!!!) READ THE BLOODY REPORT
I can sit here and go on and on why there is a lack of ability for demand to move up but then again im not going to waste my time. you have a lot to learn you are unaware how hedge fund works aswell this is not a binary option wonderland you are living in
Again, go post your own post and stop trolling where you aren't gonna land any fish to feed your over-inflated ego.
the above 0 0 0 0 0 is ur profile axx91 .. so its best to keep ur mouth shut and not criticize when other traders publish their views.. either you like the view or you dont, thats up to you , but there is no point trolling and wasting others time.
I would think the AUDUSD will go to test the bottom of the low of the trading range, creating a double Bottom, before it breaks the upper triangle
I was wrong and not discipline. But the position size covers me. So, I was saved.