This pair looks ready for a reversal shown in the charts above.
First of all it looks ready but as I showed on the 15min timeframe it might take out the previous high once more although I don't favor that. IF we move higher by means of a new impulse I have to let it go for now so I'm only looking for a sell opportunity until structure tells otherwise.
The following scenario's are what I'm looking at once we see the sell trade present itself:
daily tf scenario 1;
1-2 wave count before impulsive wave 3 takes over
daily tf scenario 2;
triangle scenario for wave 'B' which in this case will shift to the right
daily tf scenario 3:
price is still going to take out the low of wave A before reversing
The last scenario will mean that in terms of Principle the wavecount will change in a W-X-Y count. I don't want to confuse traders so let's keep in simple in terms of patterns for short term trading.
Conclusion: I will be looking for a reversal for AUDUSD , once I see the trigger to short I will manage my position by keeping in mind the 3 scenario's I just described. If we see for example a unfold we know that scenario 1 or 2 is more likely than 3. If we see a sharp reversal we know that most likely scenario 1 or 3 are more likely.
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I'm posting conservative approach here on tradingview. Hope everyone understands.