AUDUSD has given us 3 incredible setups in the last few months.
Our first trade setup was after we broke the ascending trendline. We waited for a pullback and jumped in. Currently sitting at around 450pips. We also entered twice more on the clean corrections AUDUSD made.
We are now anticipating one final leg down before expecting a reversal.
Trade Idea: - Watch for subwave 4 correction - Enter on break of subwave 4 correction with stops above the correction - Manually taper off positions as we move down
The longer term trade idea would be the reversal. Once we see the 5th wave down, we can monitor it closely for a reversal. One of the ways we can do that is by draw a descending trendline and wait for a breakout, indicating that bulls have stepped in.