Daily bear candle
5 wave decline for wave 1 of possible 4
Entered short at market at .7245
Stop is .7305
Target is .7190 minimum depending on how impulsively this move drops down as its possible wave C up is complete and we're going down towards .7000
5 wave decline for wave 1 of possible 4
Entered short at market at .7245
Stop is .7305
Target is .7190 minimum depending on how impulsively this move drops down as its possible wave C up is complete and we're going down towards .7000
Comment:
After a gap down at open we've retraced the gap and then some. It's leading me to believe theres still a fight between buyers and sellers typical of a 4th wave. Still I think it should go down some more towards .7186 where a=c minimum.
Trade closed manually:
Well, I was dumb and cancelled my TP at .7187 which was pretty much the exact bottom of the swing. Instead I moved my stop to .7198 and it got hit. Technically we could just be moving up in wave 4 and another swing down back into my target zone but I still think there is a bigger leg up in AUD so I guess Im staying out for now. Lesson learned, don't cancel you TP levels and just let your trade play out once your done with your analysis