The retrace went a little deeper than I thought it would go but that was ok. When I saw that the retrace had reached a point where it SHOULD NOT go any deeper, I issued this trade call to my members to "TRADE ALERT: BUY AUDUSD@.71840". By my long term analysis on this pair, I am thinking that there is A LOT more upside to come, so taking this BUY trade was a good risk and a trend continuation trade. Here is that LONG TERM analysis again:
So here in this MAIN chart above, I'm now showing what I've already shared with my members who've already been in this trade from my BUY call.
Prices are now climbing along the CD leg of the larger POTENTIAL Bat (yellow) in what should be a 5-wave move. Right now, prices are now finishing the wave (v) of (1) of the possible 5-wave move up to the completion of that bat. In my overall analysis, I also am showing a LARGE expanding triangle and this uptrend is tracing out he Leg E of that expanding triangle. Leg E's of expanding triangles are usually 5-waves. So by this count, there is a LONG WAYS to go up for this pair!
There are several patterns here in play. I've already mentioned that LARGE POTENTIAL Bat (yellow). Down lower, 2 POTENTIAL patterns that are defining the current wave (v) move up are a Bat (green) and a (purple). It's a little bit hard to see the green bat as it's D point is almost in line with the Crab's D point so the is sort of hiding the bat. Point to the green bat and you can see it better. I've also added a POSSIBLE that would setup should prices continue on higher as I expect they will. However, if prices continue on to fill the bat and , then that would no longer be valid.
MY TRADE PLAN
There is a lower TP1 that I had originally set but I will be targeting the bat and completions as the TP1. Stops were placed below the wave (iv) end of this wave (1).
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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!
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