Recently, I had a guy who will remain unnamed who challenged me on my posts that I had been giving for free on Tradingview. He obviously had an axe to grind. Maybe he followed one of my analysis and lost money. Maybe it's another reason. But he's an example of someone who can't accept responsibility for his own actions and must blame someone else for their loss. Do I make bad trades? Yes. Do I take losses? Yes. Does everyone? Yes. Even Warren Buffet. But regardless, what those kinds of people don't or refuse to see is all the work behind the scenes that goes into these analysis. Yet, they expect to be fed for free. And then when it does not work out, they want to blame someone else. The point I am making is that these analysis take a lot of time and a lot of work. They are the result of my own hard work but I am the first one to get frustrated when things don't work out the way I envision it. But then I just get back to work and see where I went wrong. If you are expecting to be spoon fed all this hard work for free, there's a word for that: freeloader. Otherwise, just take it for what it is. Purely my opinion!
Now on to the analysis....
AUDUSD has been in a topping pattern for a number of weeks now. And that topping pattern is about to complete. When it does, we’re going to see a very nice trading opportunity to show itself. But it isn’t here just yet. It is still setting up. So if you are also looking for this trade, don’t be premature! As with all trading opportunities, they are all only PROBABLE. Let no one tell you otherwise. The market will always do whatever it wants to do regardless of whatever analysis we put on the charts.
In this 8 HR chart of AUDUSD above, what I’m seeing as a strong possibility of happening is that there is a EED developing in which the last leg E is waiting to be completed. If this scenario is correct, there will be many traders who will be caught by surprise as I know the majority is now favoring that the top is in and looking for a major downturn. I'm not one of them. I don't see a top in place just yet. There needs to be certain things to happen before I will consider that the top is in. When I see those signs, then I'll be looking to sell. But not now.
If you want to read the whole analysis I have on this pair, go here to get it (a subscription is required): http://goo.gl/4pVG9m
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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i'd like to ask you about wave counting on your chart pls - about your last blue wave iv. as it should be corrective wave then it should be some abc... but now, as it is forming, could we see there 5 waves ? wave 3 would be strong move down from last week and now is forming wave 4...
thanks for help