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
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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.
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Gap fill attempt might be done. Limit order was triggered at the .236
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Nice progress thus far. Notice the perfect bounce from intermediary support zone
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Final Target hit. Have closed 80% of position now, 20% riding with right trailing stop. I expect a bounce here
Trade closed: target reached
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Trailing stop on remaining position hit that might have been the low for the week, but will keep watching for most possible shorts
Wow, very nice. I am studying Elliott waves and I hope to understand price movement that well
EuroMotif
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@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
durandune
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@EuroMotif, yes I am reading elliott wave principle by frost and prechter, and the relationship between fibs and EW is very cool.