EverythingForex

UPDATE #2: AUDUSD: What I am waiting for to go short

FX:AUDUSD   Australian Dollar/U.S. Dollar
1004 4 15
In my previous update on this pair, I had been referring to a possible cypher pattern . See the chart below:
UPDATE #1: AUDUSD: What I am waiting for to go short

Well, that cypher was invalidated as prices have shot past it's MAX C point. I also said in that last post that IF that larger (blue) cypher were to be taken out, then the chances of a DEEP retrace down in this possible wave 2 would decrease. Watch out for that. Now, we have yet ANOTHER cypher that is in play but just BARELY. It's C point is right where the current highs of this move up is right now (as of the time of this posting). So it is hanging in there. This smaller cypher does "fit" in terms of my thinking that this retrace wave 2 may be a shallow one. The completion of this smaller cypher if marking the end of wave 2 would make wave 2 a shallow retrace. I'll study that possibility more in-depth should this cypher hold.

Prices have also approached the cluster of 1.618 extensions you see just above the highs. This cluster should provide resistance to any further advances. There is also an AB=CD pattern that has completed as well right near the current highs. I only point that our as a fact but it doesn't really play that much of a role in whether and when I take this trade.

In that previous post, I also had said that we need to WAIT for price action to tell us when to get SHORT and not jump the gun. Prices have gone pretty much as I had expected them to go since that last post. But is it time to go SHORT yet? A-L-M-O-S-T! In fact, by the time I post this update, it might be time to go SHORT! But as of right now, I'm still waiting on that bearish PA to show itself. PATIENCE! Go look in yourself in the mirror and repeat that over and over again!

Trying to catch the VERY, VERY TOP of any move is an exercise in foolishness! Let the PA guide you.

MY TRADE PLAN
Still waiting for bearish PA.......

*DISCLAIMER:
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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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!

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hotshot_trader
a year ago
What are your thoughts on this? The AB leg retraces into the .886 zone, and if I apply a clone leg you see that it goes much higher into the .7315 range. I'm new to harmonics so would appreciate any thoughts.

https://www.tradingview.com/chart/x1IN5gF1/
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EverythingForex PRO hotshot_trader
a year ago
What you have drawn is an AB=CD pattern. And yes, it "looks" good as a way to hopefully find a target. But it is a LONGER TERM target. I also have have that target in mind and am OVERALL VERY BULLISH on this pair. I still have 2 LONG positions open on this pair from the september lows and have been holding them for weeks now. BUT you must keep in mind that to get there, prices are most likely not going to go straight up there. There will be retracements and pullbacks along the way. And that is what I am expecting to happen soon is a pullback. When and how deep will it go? Don't know. Not yet.
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go 727...730???
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EverythingForex PRO yevgeny.shirshoff
a year ago
I don't know but I personally hope it just keeps going UP! I know it won't but the higher it goes, the better my 2 LONG trades will be!
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