EverythingForex
Short

TRADE: AUDUSD: SELL@.73260 Wave Count Shows Large Move Coming

FX:AUDUSD   Australian Dollar/U.S. Dollar
2689 8 33
Recently there was the Gartley that had been filled and the cypher #2 from an earlier post (see Related Ideas: "AUDUSD: Watching For The Sell Signal") which led to a nice down move which was followed by a nice up move which I was able to bag +154 pips from. Now these price moves have combined to form a POTENTIAL butterfly that would see prices retrace down and complete this wave 4. After which, there should follow a LARGE wave 5 move up. By the way, if you are one of the ones that took that sell off that completed Gartley and are still holding onto that sell trade, well this move down that I am expecting should hit the TP2 of that Gartley which would be a VERY nice profit for you all! Unfortunately, I didn't get that trade but now I will.

Also, I just want to point out that this entire down-up move off that Gartley IS in fact a nice bearish PA just on a larger scale. So PA now supports a down move coming as well.

Here is the 4Hr Chart overview of the expected move:
snapshot

MY TRADE PLAN
Holding this sell down to the completion of the butterfly pattern . Stops will go above the wave (B) ending.

*DISCLAIMER:
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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jdelcura
a year ago
Nice one. I took the move up yesterday ;)
Thanks for sharing.
Reply
viarmx
a year ago
Great post. thanks
Reply
BlackPipper
a year ago
Hi, I am quite impressed of your analysis. I like to learn how do you setup stop loss or manage risk in each position. Is it kind of manual or do you keep sl at key figures or something else?
Reply
EverythingForex PRO BlackPipper
a year ago
My stops and stops in general should be placed wherever it is that the reason for the trade entry becomes invalidated and you are proven wrong. Stops SHOULD NOT be placed according to what you can afford to lose on a trade! This is why so many amateur traders get "stop hunted"! They place their stops where it does not make sense! When you get stopped out of a trade, that stop should TELL you something other than how much money you just lost. So when i take a trade, I know what I want out of that trade and if I get stopped out, then I know my analysis was probably wrong and need to go back and re-analyze things before taking another trade.

As for managing risk, that is already done in my overall trading plan. My trading plan dictates whether I can take a trade or not according to my risk tolerance.
+1 Reply
Good luck mate!I've reopened a few short positions on this one as well,cuz I've closed my prev. sell from the last gartley.Wish to see a decent drop!=)
Reply
SkyrEk
a year ago
As always, thank you mate! GL!
Reply
AhmadHassan745
a year ago
snapshot
Reply
azx91
a year ago
there is no way aud will go to 0.75 or higher as the currency is weak based on fundamental economic figures. chinas gdp forecast lower than 7% on monday will cause the aud a big downfall
Reply
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