EverythingForex
Long

TRADE: AUDUSD: BUY@0.69170 LONG On Shark + Cypher

FX:AUDUSD   Australian Dollar/U.S. Dollar
I'm already in LONG on this pair by way of my just posted analysis on this pair (see Related Idea: "ANALYSIS: AUDUSD: Is Wave 3 Done? If So, Where Will Wave 4 Go?") and also this POSSIBLE POTENTIAL bearish shark pattern's CD leg. I am putting my S/L at 0.69610 to give this trade some room and also to allow the C point of that cypher I posted in my analysis to establish should prices fall more.

If or when the shark completes, then I would expect prices to retreat back down to complete the bullish 5-0 pattern before going back up to finish wave 4 and hit the Wolfe Wave targets. For those that don't know hat I am referring to, please see my ANALYSIS post. Also notice that the shark pattern would complete at/near the upper trend line of the ending diagonal which should cause a brief rejection before breaking through. This is typical pattern breaking price action.

I would expect prices to target around the 72-74 cents level (yes, I know I said 72-73 cents in my analysis) to complete wave 4.

Good luck!

*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!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
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Correction may be: SL 68610 ?
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sl 6961?
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yes, sorry! Typo. I meant the S/L @0.68610. My mistake!
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Pretty detailed analysis though...there is lot to learn.. Thanks for sharing
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EverythingForex PRO sam_thesupreme
you're welcome. that's why I am taking the time to post here. To hopefully give back a little and help out those that might want to learn.
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I'm a big fan of your analysis, and thank you very much for your time to post all these charts. I want to learn how to do it also.I'm really appreciated if you could help me. When you look at the price action how do you know what shape it is?
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Thank you for following me. To explain price action would take a lot more than just a few sentences. It's not as simple as defining a "shape" it should be in to determine with any certainty what it is telling you. Rather it is how prices move and react and move again that is more of what defines price action. Sometimes, it can be very short movements that will give a clue as to what is happening. Sometimes it takes much bigger and longer movements to be able to get a good sense of price action. Most of what the skill of reading price action comes from is just experience. Even then, it is not an easy thing to do: reading price action. This is why we all search for "tools" that help us with that. All those oscillators, moving averages, etc., etc., are all meant to help with reading price action. But most fall short in that respect because they all only show you the past and cannot predict the future. And because tools read the past, they all lag behind the actual present. So what we are left with is just the prices in the present that we must learn to read to determine true price action. I wish I could explain with accuracy how to read price action but that would take a book. What I can suggest is to continue to look at my charts and charts/posts of other great traders here and learn from them. See how they read price action and what it is telling them. Don't just learn from successful trades and posts. Take a good look at failed trades as well and why they failed. You always learn more from failure than you do from successes. I always go back over my failed trades and see what I did wrong and if I misread the price action and I learn from it everytime...even after 25+ years of trading, I still learn. I don't say that to discourage you and to suggest that it might take 25+ years for you to learn price action. No. By far and away...no. Back when I started trading, all the great tools we have today didn't exist like e-charts and websites full of research at your fingertips. Just keep learning. You'll get it one day and when you do, you'll know it. That light bulb will go off in your head and you'll understand. Good luck!
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DirtyBoss EverythingForex
Yoh! 25 years, now i see why your analysis is so great
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hi, man, does any requirement for B point in shark pattern, B should over 0.382XA or other requirement? I googled but living in China, cant find more information
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Yeah, I'm in China as well and I understand it ain't easy to get access to good information here. But no, the answer is no. Shark patterns do not have any specific requirement for the "B" point. The B point as in regular advanced patterns isn't the B point in a shark pattern. That is why. The shark is actually labeled 0XABCD with the usual B point being and A point in a shark. Here I attached a chart for you.....
snapshot
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Hange EverythingForex
Thank you ,so nice of you ! Is B between 1.13-1.618 extension of OX, can I short at C, long at D? And in this pattern, which point is the best to trade?
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The B point in a shark is the fib extension of the XA leg. If you are purely trading he pattern, then yes, you would short at C and go long at D. But remember, I am NOT a pure pattern trader. For me, there has to be other valid reasons as well as valid price action for me to take a trade. Not just be cause prices reached any point. In this instance, the C point of the shark would reach the upper trend line of the diagonal triangle which should provide some resistance and send prices back down to possibly reach and complete the 5-0 pattern. Since I am expecting prices to break the diagonal triangle and eventually reach up to the Wolfe Wave completion, then yes, I would expect to be able to go LONG at D and catch pips going up. Well. that's the plan anyway. We'll see what happens if/when prices do reach those points. Good luck!
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thank you very much for your guiding. I hope one day i can be as good as you. Thank you again for your reply and great charts :)
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you're welcome and good luck!
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Nice entry!Sadly,I missed this one
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Next time, Don! You always hit more good ones than you miss anyway!
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