FX:AUDUSD   Australian Dollar / U.S. Dollar
Explained on the Chart
I like the idea of buying support that you propose, however,
what you're proposing would be a 7 leg wave C, not 5
so I was wondering if this is a proprietary use of Elliott Wave
Or if you are just using the general idea of a 3 wave correction.
to project price action into support ?
Anyway, I humbly submit a potentially more "classic", if you will,
EW labeling which points a little deeper into the bottom of support
and, for me, reduces risk and makes it unmistakable if I'm wrong.
And that, I'm sad to say, is often the case.
But, I like trades that leave no doubt that my analysis is wrong.
Thus little chance of a reversal just after I've been stopped out.
which can drive any trader NUTS ~~~~~
Thanks for your thoughts and wishing you lots of pips in 2014 !!!!
Reply
MsaqibC dojitrader
I agree with your idea. It is very possible your analysis is correct. Do keep an eye on the DXY ( dollar index ) as it has approached its resistance level.
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