EverythingForex
Long

TRADE: AUDUSD: BUY@0.70000 MAJOR TREND CHANGE! Wave 5 End

FX_IDC:AUDUSD   AUSTRALIAN DOLLAR / US DOLLAR
In previous posts, I had mentioned several times that the 70 cents level would be reached and at that point, we could have a major trend change from bearish to bullish . It's still NOT confirmed yet that this trend change is happening but regardless, there should be a very strong bullish reaction from this point. It may or may not lead to a MAJOR trend change and a new corrective phase, but this is a good place to take LONG positions.

There is a POTENTIAL Bearish cypher that is setting up with the C point being the recent low below the 70 cents level. Keep in mind that this C point is NOT YET confirmed and won't be until bullish price action confirms it. Very good risk:reward at this point.

IN addition, my wave count does show that the ending wave 5 of the minor downtrend as well as the major downtrend could possibly be over. That is why I am suggesting that there will be a major trend change occurring. Keep in mind that major trend changes DO NOT happen quietly! There will be much back and forth fighting between bulls and bears so you will see choppy price action and possibly large swings. Especially given the fact that there is much BIG data news coming! So be aware of that.

MY TRADE PLAN
I am already LONG from the 70 cents level as I has BUY orders already setup there from MONTHS ago anticipating prices would get there. But I am giving this trade some room on the stop loss just in case there will be some stop hunting as the "big boys" know that there are a bunch of BUY orders at this level with stop losses just below. Again, anyone that takes this trade will need to set your own stop losses according to your OWN trade plan and risk tolerance! Please do not ask me to recommend any SL for you!

*DISCLAIMER:
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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fxnoob1985
a year ago
there is a bullish butterfly aswell
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EverythingForex PRO fxnoob1985
a year ago
yes. Excellent pickup on that butterfly. But that butterfly has a VERY LARGE PRZ and prices did go deep into the PRZ. So I hope you had the nerves to stay with it and took the trade.I had my standing orders at 70 cents so I had no need to take the any trade on that butterfly GL!
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