BigShouldersTrading

Potential long AUDUSD bounce from highlighted levels

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
Orange lines - daily wave, classic ABC continuation
Green lines - h1 exhaustion trading levels for the daily C point
Magenta lines - m15 exhaustion trading levels for low time-frame reactions

At a first glance this chart might seem rudimentary but it is not. As time goes by more elements will be added. For now our charts will attempt to highlight 2 important things: first the expected turning point for the current market movement and second the 1st target of the following movement.
In this case the ideal point C - 0.236 is 0.7651 and our h1 expected turning points are 0.7679 and 0.7637.
For an up target we're looking at the 382 on the last wave down. Because this final wave down might not be complete the up target is not confirmed yet, currently it's 0.7850.




Comment:
new m15 level added - 0.7661;
at this point we're waiting for all trading conditions to be met to generate the next signals;
Comment: low tf management point - 0.7679
Comment:
Comment:
If you trade during the Asian session, this was the one for you. Unfortunately for us, we trade the European and American session so we missed this. Here we would've done the following:
0.7685 - m15 bring SL to entry price (break-even)
- h1 discretionary management point

Comments

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