EverythingForex
Short

UPDATE #1: TRADE: SELL@0.71800 Overview Of Possibilities

FX:AUDUSD   Australian Dollar/U.S. Dollar
I wanted to update this trade to give and overview of what could happen and what to expect. Right now, prices are in the PRZ (as of the time of this posting) of the completed bat and the completed shark and is now bumping up against the B point line which is a MAJOR STRUCTURE SR Zone. What B Point Line you ask?

Back 12 days ago (see Related Ideas: "TRADE: AUDUSD: BUY@0.70000 MAJOR TREND CHANGE! Wave 5 End"), I posted about a POSSIBLE POTENTIAL Bearish Cypher in which at the time, the C point was not even set yet (ergo, the reason I called it a POSSIBLE POTENTIAL pattern). Here in this chart, I have update that cypher ( cypher #1) to reflect the latest prices. That cypher would complete near the .707 retrace of the previous wave down you see on the chart and near minor structure zone.

However, there is another cypher that can be drawn ( cypher #2: yellow one) that completes a little later and it would complete around the .786 retrace.

So why am I telling you all of this? Well, simply to make everyone aware of the possibilities that could happen. Currently, I am in this trade SHORT because of the bat and the shark pattern completions and my wave counts. As of now, this trade is in question as prices are testing the PRZ. I have my stops above the X point of the bat which is also the B point of both cyphers. This is a strong resistance area so if prices should break and hold above it, then I would be out of this trade. So what I am presenting here is what could happen if prices were to do that. Then I would next look to the cyphers as the next possible turning points. And I may look for a reason and an opportunity to go LONG for the cypher completions.

As for a scenario where this trade does go as planned. then I am looking at the bullish 5-0 pattern to complete and see if prices do reverse and head back up again from there. If that happens, then the 5-0 pattern may lead to the cyohers.

We'll just need to wait and see. For now, I am keeping my stops right where they are and patiently waiting to see if this SHORT trade does work out or if I will be giving back some pips!

*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.
For those wanting it, the FREE WEEK offer is still planned. Interested? Please PM me. Do you want my FULL charts? Twice a day market updates? Trade Alerts? FULL analysis? And MORE? Click here to join: http://bit.ly/29x4bfM
TradeMY
a year ago
looking at the RSI and B Point Line as Resistance, I'm putting my money for the pair bullish.
Reply
EverythingForex PRO TradeMY
a year ago
Good luck!
Reply
peterB
a year ago
I agree structure shows bearish short trade
Reply
I got almost stoped out on my orders....like maybe 6-7 pips away.but still short on this one.Damn things like that can really shake you up=)
It's the same when your orders were not filled by like 10 pips and then a big move happing without you.....
Let's see what this day is gonna bring us
Reply
EverythingForex PRO Don_Corleone
a year ago
Yeah, but it's just part of the game! I had my stops set 30 pips above the B Point line so I was safe.I didn't expect a bam-bam profit trade here. This one is really testing resolve and patience! And with the FOMC coming....it's not one of my strongest trades right now. It's in profit now and looking better but may still look to partially close positions to protect any profit before the FOMC.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out