WaveAlchemy
Long

AUDUSD DETAIL FOR ENTRY

FX:AUDUSD   Australian Dollar/U.S. Dollar
181 10 8
Hi all,


Structure Analysis -Market is consolidating after a year of punishment, with a double-top indicating desire to make new grounds for structure.
Structure Predictive Analysis - Reasonable to assume that price has bottomed @ 0.7000 which is a relatively strong support level .

Ratio Analysis - XA .78 retracement convergent with AB 1.272 extension .

Harmonic Analysis - Gartley complex retracement. + Point D of Gartley terminates in and around the same area of the termination of AB=CD .

Regards
Laurence
Trade closed: stop reached: Still adamant to go long, despite this loss. The market is definitely exhausted. Will edit chart for other long opportunities shortly.

Regards
Laurence
1.27 at the .69250 area
Reply
Hey Laurence how are ya? I see you chose to run your XA from back in September. I'm sure you've cycled through a few different options first. Are you familiar with this pattern as a whole? what made you choose this exact pattern? I'm sure we could find a nearly exact replica of this four top pattern happening here but what's I'm familiar with is the bullish Gartley If you were to run your XA from Novembers low instead. I'm not looking at my charts now but I believe that give us a 1.27 extension right around .6950 with also conjointly the CD leg has a nice 382 to 1.27 extension nearly meeting up in the same area. I believe a strong pull back in this area... your thoughts?
thanks, Danny
+1 Reply
Hello Danny, good thanks, urself??
I sometimes ignore time altogether and only look at price. Therefore drawing XA from sept to oct, is no different to drawing XA from sept to dec. And why is that?because at those times prices were the same. Now if oct and dec highs were DIFFERENT then I wouldn't have constructed an XA leg that consists of multiple swings.
Yes, that is good. If you could show me a chart that would be cool. My thought is that this baby will ski rocket sooner or later, sooner hopefully because butterfly pattern is already complete. personally I think 127 is very deep. But the 1618 of BC hits structure perfectly. So we could see a bounce here before 127. But we'll see where the true bottom is.
snapshot


Reply
DannyMac85 WaveAlchemy
snapshot

Hey Laurence, There's more data here leading to a long position off the CD of this butterfly than any reason to stay short. I believe the dollar is strong and the Aussie is weak. I believe we should rally off this 1.27. I'm traveling tomorrow and I'm not completely confident in my wifi status. So, my live trade is hopefully accurate enough to carry me into Monday.
Reply
Exactly. So did you ride the entire swing low? if you did I'd say get out after you see signs of reversal as for what I've said in my previous reply. You'll only sacrafice a few pips, if you've shorted this end of dec.
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it makes absolutely NO Sense...
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u do ur patterns wrong.
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Hello D-rod. Thanks for stopping by.

If you could elaborate, that would be nice. But let me guess, you don't like XA?
Reply
D-Rod WaveAlchemy
look at oct. 12.. care to tell me why that's in ur pattern...................................
Reply
Not really lool. By that do you mean the gartley inside xa
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