EverythingForex
Long

TRADE: AUDUSD: BUY@0.71200 Double Bottom wave (iv) Beginning

FX_IDC:AUDUSD   AUSTRALIAN DOLLAR / US DOLLAR
After re-analyzing this pair, I have re-configured my wave counts and now see wave (iv) as yet to be completed. Prices just recently put in a double bottom which I am labeling as the bottoms of the wave (iv) which may look to unfold in a simple 5-3-5 ABC zigzag pattern with leg A and leg B both having been completed.

I am showing a POTENTIAL bearish crab pattern here that would retrace more than 80% of the preceding wave ( iii             ) finishing near the .886 retrace of that wave ( iii             ). So in effect, I would be trading on the CD leg of this crab . However, I am not confident that prices will retrace that far. It's just a possibility. I do believe that prices may at least get to the B point line of that crab as that point also represents a MAJOR Structure level. So if/when prices reach that point, there may be some bearish reaction. Same goes for each fib retracement level of the preceding wave ( iii             ).

May I remind you that this pair is STILL in a MAJOR downtreend and I do believe that there is still another move down left in this pair in a wave (v) to complete the MAJOR downtrend. So be aware of that fact and that at any time, this pair may turn back down regardless of my wave count, patterns or structure!

MY TRADE PLAN
I am already LONG on this pair and looking for prices to at least reach the B point line. At that point, I will be looking for some signals of a reversal back down. If/when prices reach that point, I will move my stops to break even and watch for prices to see if they will close above the B point line. If so, then wave (iv) may continue further up before finishing.

*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.
SkyrEk
2 years ago
As always, thank you very much! Appreciate your analysis. RBA coming up!
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lpernetta PRO
2 years ago
This is a bit more visible on the 60 Minute chart but there are two Gartleys, one finishing at 0.7240 and the second larger at 0.7305 BUT the small one ending at 0.7240 correspond to major structure as well.
snapshot
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jazzy.nl
2 years ago
Thank you, please keep us informed. I am long now
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EverythingForex PRO jazzy.nl
2 years ago
Good luck to you on that long. I am not in the market at all right now until I see some better price action.
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