EverythingForex

QUICK Take: AUDUSD - Channel Break Could Lead To STRONG FALL!

FX:AUDUSD   Australian Dollar/U.S. Dollar
1657 3 48
Ok, so for those of you who went and sold this off of a pinbar ...well, you got played! Any of you who have followed me for any amount of time know that I keep saying, DON'T TRADE PINBARS! This was just another example of why. Pinbars are for suckers! But that isn't to say that pinbars don't mean anything! No. They do. It's the PRICE ACTION surrounding and including the pinbar that matters! Not the pinbar itself. Anybody that tells you to sell off a pinbar is just throwing darts at a dartboard and yes, sometimes you hit the bullseye. Yes, there are trading methods that use the pinbar as part of the trading strategy but IMO             , it's hit or miss. Mostly miss.

Anyway, the way I see things and the way I trade, I take the whole into consideration and see what it going on in the entirety of the chart AS WELL as the price action of the moment to decide to take a trade. Case in point here. What has been happening is that prices have been trending up in a corrective wave inside a very narrow and vertical ExD trading channel. When this channel breaks, it should lead to a rapid fall coming back down.

In addition, if you look at the Daily chart , you can see that there is now a completed "Crown of Thorns" pattern and when that pattern completes, it usually leads to a pretty strong reaction (a fall in this case).

Here is my Daily chart from September 18th, 11 days ago. At that time, I had already said to watch for another swing back up to complete the "Crown of Thorns" pattern. At the time, we had just seen a strong move down and many so-called "experts" here were telling everyone to sell. I told my members NOT TO SELL because there should be another swing back up. Here's the chart and you can check the date on it to see I'm not lying:
snapshot

And here's today's Daily chart showing that swing up I predicted would happen and that the "Crown" is now complete. Now prices spiked higher than I expected it would and broke outside the MAJOR DT TL, but that can easily be a false break and if prices break back down and through it, a strong sign of a drop to come.
snapshot

Believe me or believe the pinbar guys. Up to you. All I and my members know is that we're gonna be making large pips on this pair and add to our +5000 pips that we have already made this month! Did you?
Comment: I hope now you all can understand better how to read what's happening and not just go around looking for pinbars! Now of course I know that whoever said to sell on that previous pinbar is now going to claim he's still in the trade short! If so, that's BS. Cause if you trade a pinbar, you stop goes right above the high of that pinbar. So let's see....anyway, just as I said it would, prices have now broken that ExD channel and made a strong drop down. BUT this is only the beginning, folks! I have been calling for a HUGE drop in this pair for weeks now! And it may finally be here! The profit my members and I will make on this ONE trade already pays the membership cost many times over! And this thing isn't nearly finished! This isn't the ONLY trade we are in that is doing this! Nope! We're banking pips left and right!

snapshot
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Love it! I'm joining members soon.. i'm on track to make enough profit to join haha
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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!

THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!

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TTCSteve EverythingForex
If 77.34 isn't broken first
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