A retest of the previous structure to trigger a short entry

FX:AUDUSD   Australian Dollar / U.S. Dollar
49 3 4
Fundamentally Aussie is believed to be overvalued against USD according to its Central Bank Governor, Stevens.
Until the market realizes this fact and starts making lower lows in the Daily timeframe , I stay bearish on this pair hoping to be on the right side of the market.

Technically we've seen lower lows starting this week and have made our way to the previous support lows today.
Then the market bounced and did a retest of the previous resistant to the pip and bounced again.
  • For those who are fascinated with ratios, the double top formed on the 0.5 retracement of the latest minor top
  • Time-wise, the potential correction has taken more time to form albeit it merely made a double top (sign of a correction)

I've set to short this market with a break of the wave b low of the potential abc correction hoping to catch at least a 1.5 risk/reward.

The stop loss is placed above the top of the double top .
thank you davood I love it
+1 Reply
DavoodWadi manijeh.kazemi.33
My pleasure Manjieh,
It's awesome to be agreed by an Elliott Expert :)
+1 Reply
thats very kind of you
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out