UPDATE #1: ANALYSIS: AUDUSD: Going Up....But For How Long?

FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
258 4 6
In that last post see Related Ideas: "ANALYSIS: AUDUSD: Going Up....But For How Long?"), I had mentioned about this POTENTIAL bullish bat that had it's ending right back down by previous structure. After that post, prices fell back down but has yet to reach the D point of this bat. Prices have broken the BAMM line and that suggests that this bat will get filled. As of this post, prices have gone back up to test the BAMM line.

As I have also noted on the chart, there may be some question as to whether this bat is actually still valid since prices did in fact break the A point of this bat. Yes, prices did go higher than the A point but what makes it still a valid pattern is that prices did not CLOSE above the A point. For me, that kind of price action DOES NOT invalidate the pattern and in fact, gives it even MORE VALIDITY. By doing what it did, prices actually formed a TRIPLE TOP pattern which was a good signal to actually go SHORT and you see what happened.

You'll also note that I have a Wolfe Wave on the chart as well. I apologize but I did not post this Wolfe Wave trade although it is a trade I took privately. I just didn't have the time to post it and I don't post ALL my trades either. I do make a lot of trades that I don't have time to post all of them on here. But this Wolfe Wave as you can see worked to perfection. Not counting that as a posted trade as it wasn't but I leave it on the chart for all to see so that hopefully, you will know what to look for yourselves next time.

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.

If and when prices have reached the D point and filled the bat pattern , it will be a very good place to get LONG on this pair for the ride back up. Could be an expanding triangle pattern that is unfolding for this 4th wave retracement.
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with the PBOC devaluation again, in your opinion, do you see the aussie bears coming in or ultimately, the aussie bulls will still push prices up for a retracement?
Thank you!
Thanks for the question. Sorry I did not get around to answering your question sooner but was busy away from my computer.

I live in China. So you might say that I have a first-hand POV about the yuan devaluation. I could go on and on about the fundamentals about devaluing the yuan and it's macro-economic effects but that isn't your question. To answer your question, no. Technically speaking, it does not affect my prediction about what is happening with this pair. It is in a wave 4 correction phase and has not yet shown signs of it being over. When it is over and wave 5 of wave 3 is ready to start, there will be some indications of that happening which I am keeping a very close eye on. So for now, the bears are not in charge. Neither are the bulls. That's the nature of wave 4's. A lot of choppiness and swinging back and forth. Most people lose money during this time because they are looking for a trend when there isn't any (and yes, there are micro-trends of course but I'm referring to the main trend).

Hope that answers your question and good luck!
+1 Reply
SkyrEk EverythingForex

Thank you very much for your insights. Your posts are definitely informative and i learn alot from your postings. Please do continue to do so at your convenience. Appreciate your reply and may the greens be in your favour!
Thanks for the compliment! It is my hope to help traders like yourself to be more successful at this crafts. I'm happy that my posts are helping you. And I hope you caught this trade as well!

+1 Reply
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