TRADE: AUDUSD: SELL@0.72750 End of Wave (4); Start Wave (5)

FX:AUDUSD   Australian Dollar / U.S. Dollar
1037 12 22
Taking this trade on a completed cypher pattern and probable wave count. My wave count suggests that prices are near or at an end to the wave (4) correction and could start the final wave (5) of the main down trend. If that is the case, then this wave (5) could target at least the recent lows at 69 cents or even MUCH lower. But first, this next move should at least retest the 70 cents level. Even if my count is wrong and this recent uptrend was just a beginning of a larger correction, it would be a wave C with a wave A down being the next move. And this wave A down should still target the retest of at least the 70 cents level.
TRADE: AUDUSD: SELL@0.72750 End of Wave (4); Start Wave (5)

Taking this trade and will be looking to get to at least the 70 cents level. But I will watch the PA at each TP level to decide if and how much profit I will take. Stops will go above the X point of the cypher (0.73569).

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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Bro nice entry ~!
but for my trade... i was missed the entry
leelck512 leelck512
I have no clue except snr term used....anyway, 2 months in Fx no shame to mention it...Any ebook you could suggest to start with?
If you have just started trading, I recommend you read "The Disciplined Trader" by Mark Douglas first. Most will not read it and lose interest because it is not about any "Holy Grail" trading system. It's about mindset and the mental game. Most beginners find it boring. Everyone just wants to know a winning system that will automatically give them winning trades. So they refuse to learn the mental game. Big mistake. Just like in the movie Karate Kid, the sensei kept making the student do boring, seemingly stupid stuff for a very long time over and over again. The student gets mad because he thinks he is not learning anything. This is similar. Whenever anyone asks me how to start in trading, I ALWAYS tell them before you try to learn anything about how to trade, first learn how to master yourself. GL!
+1 Reply
ChimbOt PRO EverythingForex
are u still
sheik27 EverythingForex
Thanks Everything Forex...truely master yourself is the key to master in other field...
750=really nice entry.
Sadly,I missed that=(
It hung around the D point of my cypher #1 long enough for me to decide to take the entry. And cypher #2 D point really isn't so far away so even if it kept going up (which it still can) to reach cypher #2, It's still within the PRZ of cypher #1. So I took the trade. Even if you didn't get 750. I'm sure you still got in somewhere good, Don. GL!
Pipeline seems very easy to break, but I think it will be supported, in the long-term trend line, to test the 72 cents.
and,Wedge is very tight.
https://www.tradingview.com/x/gvv2XBPy/ GL
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