ANALYSIS: AUDUSD: Good Opportunity Heading Back Down

FX:AUDUSD   Australian Dollar/U.S. Dollar
2196 13 40
The last time I posted anything on this pair, I was recapping the move up where I managed to make +508 pips for myself and my members playing that uptrend almost PERFECTLY. FYI, those were ACTUAL pips I banked and put in my pocket trading my analysis for that troll who said I only analyze and that my analysis don't mean nothing and that ANYBODY can do what I do. A**holes like him is the reason I don't come here as much anymore. Alright. I just had to get my rant out. Back to being HELPFUL....

Since the wave (1) ended pretty much right where I expected it to end (at the blue B Point Line; and yes, it has been there the whole time and I did not just add it!), the wave (2) back down has been in play. Now, admittedly, I totally whiffed on selling that wave (2). But with the spike up provided by the RBZ, it now appears that we are seeing a clear ABC correction going on in wave (2) with the wave b possibly just completing with that spike up. So now, I am looking for the wave c down to begin.

For clarity, I removed the 2 patterns from the earlier charts that gave such a beautiful map heading up and were both filled nicely. Here's a look at them again since they are still relevant to this update:
UPDATED Analysis: AUDUSD: MASSIVE MOVE UP! +508 Pips Gain 0 Loss

Both those patterns led the way up and they both also pointed to the wave (2) down and both hit their respective TP1's easily. So who says patterns don't work? But now that those 2 patterns did their job, here I have identified another nice looking pattern that is helping to map out this correction. Yesterday's spike up has possibly established it's C point. The pattern is a POTENTIAL Bat that is playing out. I will be looking to trade it's CD leg down.


I'm looking to get into a SHORT position here to capitalize on the wave c down. Waiting for some bearish PA confirmation to take the SHORT trade right now (as of the time of this posting).

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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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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!

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Love the B point lines! Makes it very easy to determine validation/invalidation of current wave count.
EverythingForex PRO glennmercer
a year ago
Yeah, this B Point line was PERFECT!
TTCSteve EverythingForex
a year ago
Agree EF, same count....has been a nice productive wave 2 so far
a year ago
my knowledge is now where close ur and the way you adapt different wave counts when one fails is amazing................ this is just my observation

EverythingForex PRO kopparam
a year ago
nice C&H pattern! it does reflect my own thinking on what is to come...a MASSIVE MOVE up bigger than the wave (1)....a wave (3) up! Nice.
+1 Reply
a year ago
Clearly not everyone can do what you do.. You have skills and experience to back it up!
a year ago
should this pair up one more time before down to 0.71?
EverythingForex PRO Rayge
a year ago
Sorry for the late reply but I think the market has answered your question.
Rayge EverythingForex
a year ago
Ok thanks

Because I try to find 5 waves from 0.717-0.737
Rayge Rayge
a year ago
a year ago
Hey mate, will you exit this short trade before the FED decision tomorrow? Seem to be consolidating now and doesn't look like it will complete wave C currently. I'm not saying it won't complete Wave C, however, with FED decision tomorrow, the risk is rather high. Don't you think so?
SkyrEk SkyrEk
a year ago
felt very silly making the statement earlier because prices had fallen close to .7200 now. I'll like to take this opportunity to thank you for your selfless effort and contribution ! Cheers!
EverythingForex PRO SkyrEk
a year ago
No. Don't feel silly. The FOMC has got the markets in a tizzy right now and many are just swinging back and forth. I've gone through a string of bad trades getting whipsawed lately as well. Can't blame you for thinking like that. I just trust the charts
+1 Reply
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