Long @ 7684,7685, 7686
Stop below 7630
Will add to position
Price has moved into congestion area on daily and 4 hourly chart.
Stop below 7630
Will add to position
Price has moved into congestion area on daily and 4 hourly chart.
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Stop on all longs @ 7620
Only ONE green candle on daily chart (and another small one) since the high against NINE red...!!!
Still very early days...!
Moved stop on all longs to 7610
Stop on all longs still @ 7610
I think yesterday I mentioned that the price had to initially trade above 7675, so far from the lows it hit that level early hours of morning...stop remains the same..lets see how it unfolds...
The eurusd is also in a similar situation which gave me the confidence to begin trading euro from long side and has given good results.
The AUSUSD could display the same pattern.
If it is an abc correction from the highs then we could be in the early stages of a 5 wave up move...IF this is the case I think currencies will be a great short in due course.
In the BIGGER picture I think the US Dollar will go to at least 120, if not higher, but such moves take many months to unfold.
I do not solely rely on EW but when wave patterns are somewhat obvious i pay attention and then layer and combine my other analysis on top.
I am only dealing with possibilities..!!
As a result I have sold all my longs @ 7637