I updated AUDUSD this week several times for a sell opportunity. This morning I mentioned that I was looking for another leg higher to complete a 3 wave correction. However we saw a leg lower and as a result of that I don't like the structure at the moment because now we also have 3 legs lower on lower time frames. For my original post see below:
So I decided to share my top down analyses once again and I slightly changed the monthly 1-2 inner wave structure but that is not relevant for now. However some of you might notice that, so that's why I mention it.
Monthly I'm looking for a wave 4 completion and I determined two high potential zones by means of the blue horizontal dotted lines. Ideally we see wave 4 extend a little higher, reverse out of that zone and move lower for wave 5 (the zone shown by means of the blue dotted horizontal lines on the bottom of the chart).I like to have a bullish and bearish scenario so I can adjust easily as long as structure remains leading in what bias to trade.
Daily: Last week I counted the move lower as an impulse and I still favor that. However not all guidelines are met and some are actually showing the bearish momentum to be a strong correction and not an impulse. I won't go into too much detail why I say that because it will most likely only be confusing. Key is that we need to keep an open bias at all time and only enter a trade after a 'ideal' set-up.
4 hour This is the time frame that will give us the first clue, If we continue lower breaking below the lower structure line we should continue to look for consolidations and opportunities to sell the continuation. If we however see a break higher we most likely will see some resistance in the blue zone. Once we see a consolidation we can buy the bullish continuation.
Key to understand is that the higher time frames suggest more bearish price action to expect for that wave 5 lower. The lower time frames indicate the possibility for wave 4 to be in place. However if we don't get the sell set-up we know what we might expect once price starts to move higher. If that happens we can adjust and look for bullish momentum, consolidation and buy the continuation.
updates will follow by means of an update of this post because real time examples make way more sense than textbook examples that almost never happen in real trading, so follow me for notifications about this post.
AUDUSD is making the reversal and let's see whether this will be the start with FOMC on the agenda later today.
評論
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AUDUSD didn't make that move higher I was hoping for after the buy. However the first entry still ended up with R/R 3/1. No I'm looking for a bearish continuation and use my bearish outlook again in terms of levels. I'll wait for the consolidation and then sell. If it reverses I have to let it go for now.
評論
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Short term we might see a bullish trade opportunity, If it moves lower from here I let it go and re-evaluate.
交易進行
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Last Friday I got triggered in the buy and due to the opening gap of this week I placed stop at break even.
評論
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I deleted the wave count for now because it is not ideal in combination with how price moves at the moment. Nevertheless due to the fact that I expect this consolidation to continue a little longer I will be looking for buy trades from lower time frames after minor consolidations towards at least 0.76 but likely even higher. Price should not move below 0.73 before we reach the minimum target at 0.76. These are relatively safe trades due to structure and the current market dynamic (if you buy after a minor consolidation). Keep an eye on the double zero levels (0.7400, 0.7500) in those consolidations for pullbacks when looking for a short term buy.
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Special delivery for johnm600. Although we saw a very strong move lower as a result of Brexit where dollar buying was popular I think this correction on weekly time frame hasn't finished yet. This post was all about keeping an open mind and that's what we should do at all times. The dynamic of this pairs tells me that we very well might see another leg higher towards 0.81 or slightly higher. In terms of trading this structure, focus on lower time frames for a clear impulse and consolidation. (1 hour tf is leading for me when looking for a potential buy) Don't enter too soon because you might get whipsawed. So only if the current impulse will be followed by a consolidation look for buys. However the best Aussie pair to trade is AUDNZD in my view and some of my long term pending buy orders have been filled in that pair. Updates will follow but like I said that will most likely be next week.
評論
SkyrEk
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Nice mate, i'm on this as well. .7330 is 50% fibo level for this year. (Double bottom formed there)
TimStuyts
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Good trading to you!
SkyrEk
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same to u:)
TimStuyts
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Thanks! The trade I took from that 5 min tf is at break even. Would be nice to see some dollar weakness;-)
SkyrEk
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I will be expecting that from FOMC later ;)
johnm600
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Any chance of an update on the DXY and aud/usd ?
Cheers
John
TimStuyts
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Hello John, I'm in the middle of moving to another country so will be back updating and posting as of next week. If I have the chance to take a good look at the market I will update. Good trading to you!
imas007
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Waiting for possible pullback to take long trade, but it looks like it still firing upside.
imas007
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any advise on material to read or link recommend, i wiil appreciate