TRADE: AUDUSD: SELL@0.71500 Completed Shark + Retest of TL

FX:AUDUSD   Australian Dollar / U.S. Dollar
962 12
I am now taking a SHORT position in this pair because prices are now showing bearish price action by retesting the TL of the main trend. Earlier in my previous post, I showed a POTENTIAL Bearish Shark pattern. That shark pattern has completed at 0.71658 just below the 1.13 C point. Keep in mind that shark patterns can have a C point anywhere from .886 to 1.13 OX extensions. There was also a POTENTIAL Bearish bat that DID NOT COMPLETE yet although prices can still go up and complete it. This, I'm not hoping for though.

But mainly, I was waiting for the retest of the upper TL to confirm bearish price action which has now happened. Recent price action have also now setup a POTENTIAL bullish cypher (green) and a POTENTIAL bullish bat (purple). Notice that the bat complete just about on top of the POTENTIAL bullish 5-0 pattern. This will also serve as the TP1 for the shark .

Although prices may get to this area and bounce, overall, I'm looking for prices to get back down to retest the 69-70 cents levels to complete a wave 5.

Already SHORT from 0.71500 with my stops going above the C point of the cypher . I will review the price action if and when prices get to the completion of the cypher and/or bat and 5-0 patterns and decide then if I will continue to hold SHORT.

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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EDIT: Sorry I am not able to POST an update to this trade because I had already made adjustment to my active chart on this pair and deleted the failed cypher and crab patterns. Please see my newest post "TRADE: SELL@0.71800 Completed Bat + Shark = End of Wave 4?" for the latest on this pair.

As for this trade, i am leaving it OPEN as per my reasons on the recent post:
+1 Reply
could you explain to me the alternative pattern if the price move higher from "D" ? or do u thing it is not possible?
Sorry, not quite understanding your question. Is it possible that prices will move higher? ABSOLUTELY it is possible! No one can be 100% certain what is going to happen. Every one can only make a good guess!
The 'Bulls' seem to have got a tight grip on this pair... hard to see how 69-70 cents level is going to be retested...
These moves are short-term. the "bulls" being in control of the market now is a fallacy. There's no such thing. The market moves up, down, sideways. Yes, I know that is just a saying and a way to say that currently there are more buyers than sellers.

But regardless, I trade on price action. The reason I say that 69-70 cents will be retested is because that is the nature of price action. Every major top and major bottom ALWAYS gets retested. And my wave count suggests to me that 69-70 is NOT even the floor! I'm thinking 60-62 cents! Now, the question to me only becomes WHEN?
+1 Reply
HaroMaster EverythingForex
Looking exhausted now.. lets hope she drops like a stone! GL all!!
Very detailed analysis as always... Thanks
Don_Corleone sam_thesupreme
I am short on this one as well with 2 positions at around 71700.
I hope it's gonna go down,otherwise I will have to finish up with a few bad trades before Fed decision=(
Good luck!)
Agreed, already short from 0.71641, looks like a mini bearish cypher in there as well probably on a 15min TF
EverythingForex dionvuletich
GL, bro!
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