I am short-closing all LONG positions on this trade and taking +248 pips profit. Reason I am short-closing it is because it is 6 pips from the target which would be the bat pattern completion and the upper trend line of the expanding triangle pattern. Besides, it's only a 6 pips difference.
Now I'll be looking for prices to exhibit bearish price action to go SHORT for the wave 5 back down as per my most recent analysis (see Related Ideas: "QUICK ANALYSIS: AUDUSD: Updating Wave Count + Recent Trades"). But for now, I'm on the sideline and waiting for bearish price action.
Hi EF, it's certainly the spot for a first level of resistance with the lower degree 4th...should be very interesting whether it takes your 5th wave or just a correction from here. Nice work! This should be a very interesting pair over the next few years imo
EverythingForex
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Yep, this is called "not being greedy"! A concept lost on many traders! In this case, I don't believe I'm shorting myself much on profits either. Two trades combined over the past 6 days on this pair, I banked +457 pips. A good weeks work, don't you think? Now, if this pair does follow my recent analysis, I hope to get that much going down and MORE! Ok, so NOW, I'm being greedy! ;-)
But yes, you're right. I am watching this pair very closely as there will be fireworks soon! GL!
TTCSteve
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Pips, ticks, bips are all nice to accumulate, even better when with proper size. A quick Memento Mori, to keep us grounded and onto the next setup....a traders job is never done
TTCSteve
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I am considering this is just wave A of iv that targets the 74 level, or the A of IV that targets the 80 zone which takes us a degree higher than what you look to be working with.
EverythingForex
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Would love to see your chart....even if this a just the wave A of a larger ABC correction (which it very well could be), the next move should be down either in a wave v of (III) as I have it in my recent analysis and then a start of a MAJOR move up in a wave 4 which could target the 80's or it will move down in a wave B of the ABC. So either way, I'm still looking for a shorting opp soon. Very soon. This short should target back down to the 69 level to retest the recent lows but could very well break below it if it gathers enough momentum as it would be a trend continuation trade.