I'll enter long positions in this pair if we break resistance and reach the price I signal on chart: 0.71645 Once triggered, it'd be probable to rally to one of the 3 targets on chart, and potentially more. For the time being, the cap resides at 0.72148, so after reaching that level it might be wise to monitor price action closely. The odds are pretty good for this setup, considering the fundamental landscape, as well as the technical picture this chart shows.
Good luck if taking it, Cheers.
Ivan Labrie.
Trade active
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We have entered using a lower timeframe last night, in good profit and added this daily entry as well. Good luck!
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We took a short term retrace long and already hit tp safely, holding the core trend position, aiming for the top.
Trade closed manually
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Closed all positions in profit earlier today.
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Sideways for now, waiting.
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Copper is forming an interesting setup, I wonder if we'll still see upside here, it looks like it for now, but very volatile. Perhaps we can find better proxy pairs for this scenario (copper rally)
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I'm long AUDUSD again, will add if it retraces. Potentially a very sharp move up will come. (entered yesterday)
Trade closed manually
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This is a good exit for this long. Either close in full, close half or 75%, and trail stop to entry price...and/or trail stops using 1 ATR under each close.
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All longs closed, I'm short from 0.75706 for the time being. We have closed under the red box (low volume resistance zone, so we could see continuation down.
I don't understand what is the point of going in a published idea of other trader, and leaving a comment saying something like "I think you are wrong, and i am right, look at my chart."
Anyway, great way of analysis, very interesting.
Suerte Ivan !
IvanLabrie
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Hi, thanks.
You refer to imranafzalmughal4's comment?
It's ok if there's discussion involved, an exchange of ideas.
Setups fail often, not a problem to be wrong, as long as making more money when we're right, on average.
That being said, some systems have very low accuracy, and despite getting good trading results, might have low win rate.
So, I don't think being right in tradingview publications means we're profitable or not.
I'm not offended by the comments.
Cheers!
Un abrazo.
GoodLuckbabe
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thats very good you closed your trade in profit if price remain sharp then possibly we may see new lower lows it has just started to fall but there a lot of barriers which have to cross but it looks to me very nice short setup may form if price retrace some where in future near trend line and those who missed the boat can get chance to enter again good luck bro
IvanLabrie
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I'm not shorting this here. To me everything is correcting today.
GoodLuckbabe
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very nice spot Ivan but i am looking from different point of view i will buy if we break the trend line. on weekly chart candle stick pattern shows to me bearish sign but MACD showing divergence if it breaks down i think we may see new lower low yes you are wright fundamentally short on this pair is not a good idea and it looks supportive for bulls on this pair let see good luck and i think we will see a very nice reversal sign on Gold.
IvanLabrie
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Watch copper, it will tell you more about audusd, also watch usdcnh.
See my other publication, I had showed the relationship between copper, gold, oil and usdcnh and usdaud.
It's all very intertwined, and related to the stock market as well. (globalization :))
Thanks for the comment and good luck!
GoodLuckbabe
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you are wright i saw all of them and agree with you and this was my take on it 5 days ago and still hoping to hit my target.
GoodLuckbabe
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IvanLabrie
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I don't really consider classic elliott wave analysis in my own work.
I have learned a bit of neowave, and find it considerably more useful since it's very objective, but even then, it's really complex, and not even Glenn Neely himself uses Elliott for trading anymore (since the confirmations make it impractical).
Classic EW, is in my opinion, too subjective to be useful, since you could be very flexible with labeling, and arrive to dozens of counts because of the lack of very specific guidelines and rules for timing, post pattern behavior and all the other self validating rules of logic that Glenn Neely discovered.
Personally, I chose not to use it anymore, and stick to Tim West's methodology, which has been far more productive for me.
If you're not familiar with Glenn Neely and interested in Elliott Wave analysis, I'd highly reccomend reading his book, Q&A section from neowave.com.
Talking copper:
The chart implies (if you use the methodology I use...can't stress this enough), that copper might rally from here, but it has to face very strong resistance above.
If it were to cross it, then surely audusd and cnhusd would fly.
Anyway, great way of analysis, very interesting.
Suerte Ivan !