EuroMotif

AUDUSD short Idea: AU to retrace but how deep?

FX:AUDUSD   Australian Dollar / U.S. Dollar
This is a follow up to my previous long call:
Long targets were hit perfectly. Now shorting the expected retrace.
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Background:
I am a longer term AUD bear, anticipating a serious drop yet to come

Since then I have been looking for shorting opportunities such as this recent plan

After a nice ride down, I went long which worked out very well

And then I caught the recent stair step down quite nicely:

After some good news about the US-China Trade War, I was expecting a significant move up:

So the current plan is to short the expected retrace
Nov 18
Comment: AU gapped down precisely into the first support zone. now watching the attempted Gap Fill to gauge momentum. The good news is that the gap's Fib extensions point to the final target quite precisely.
Nov 18
Comment: Gap fill attempt might be done. Limit order was triggered at the .236
Nov 19
Comment: Nice progress thus far. Notice the perfect bounce from intermediary support zone
Nov 20
Comment: Final Target hit. Have closed 80% of position now, 20% riding with right trailing stop. I expect a bounce here
Nov 20
Trade closed: target reached: Trailing stop on remaining position hit that might have been the low for the week, but will keep watching for most possible shorts
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Wow, very nice. I am studying Elliott waves and I hope to understand price movement that well
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EuroMotif durandune
@durandune, Hello and thanks for your kind words.
Elliot Wave analysis takes some practice, and I am actually NOT an expert on EW either.
But Fibs work with EW hand in hand, so I practice both
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durandune EuroMotif
@EuroMotif, yes I am reading elliott wave principle by frost and prechter, and the relationship between fibs and EW is very cool.
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AUDUSD H4 Bullish Expanding Flat.
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