AUDUSD: Revised Wave Count + Wolfe Wave + POTENTIAL Bat

FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
After re-analyzing this pair with more focus (admittedly, I was all over the place yesterday as almost EVERY pair I follow is setting up for some kind of major move), I have revised my wave count. Taking a closer look at the wave (iv) to see where are the high probability turning points, I've also located some patterns as well. There is a possible Wolfe Wave forming as well as a POTENTIAL bearish bat that both may signal the end of wave (iv0 and the beginning of wave (v0. So both patterns are trend continuation patterns.

Be aware that although the Wolfe Wave point 5 is set at the top of the ending diagonal , point 5's in a Wolfe Wave are allowed to exceed the diagonal in a "throwover". Yes, the ending diagonal is also a bearish wave pattern and again, point 5 can be a "throwover".

The POTENTIAL bearish bat completion may also signal where the end of wave (iv) will be and the beginning of wave (v). That would be a very good place to sell.

4HR CHART - Update Wave Count

I have my SELL orders set at the completion of the bat pattern . However, I will monitor the price action closely as there is a possibility that prices may fall just short of completing the bat before reversing. If I see bearish price action before the bat completes, I may trigger the SELL orders before then as there is a strong possibility of wave (iv) ending around this area. So saving a few pips by waiting for the bat and then potentially missing the trade would be penny-wise but pound-foolish. Again, this is allowed under my trading plan so you must follow your own trading plan. I will usually only short-entry patterns if they are trend-continuation patterns as this one is. I will not usually do this on a counter-trend pattern.

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Subscribe for FREE Email Newsletters: http://bit.ly/2iNieEY
Dec 10th - 15th Indexes Newsletter: http://bit.ly/2iP3uFB
Performance Summary & Public Trade Log: http://bit.ly/29AeqnC
Want results like this? Subscribe here: http://bit.ly/29x4bfM
Thanks for the update! Have a great weekend ahead!
You, too1 Rest up and be prepared. Next week things could get really interesting!
Hi, thanks for sharing your analysis.
I guess NZDUSD is following similar pattern.
EverythingForex PRO VincentWhiting
I wouldn't know as I don't normally trade the kiwi unless there is a very good reason to. Now that you mention it, I may go take a look and see. But because there is already some very good setups in the majors, there is already more than enough trading opportunities available. I'll usually only go take a look at minors when the majors are idle. Thanks and GL!
United States
United Kingdom
Việt Nam
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 Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out