Starting with an AUDUSD 240 mns chart, we can see a valid top with wave 5 and now an ABC retracement.
If wave C has same strength than wave A, we might expect 0.9478 which also is 0.5 fib level.
Before the head of RBA will speak at 22h30 GMT, I think about the strategy below.
short at market with first TP 0.9719 and second TP (wave 4) 0.9645
SL = wave B
I am interested in your opinion including alternate wave count
see attachment
Those who applied the strategy closed first half of the position at 0.9719 (from 0.9811) and second half at 0.9645
Total pips = 166
Take a look at the updated analysis
Before the market opens on sunday, we may observe a retracement below the main wave 4.
There is also a bearish channel
I am waiting for a move above 0.9705 (by the way, it is also a MML line 3/8 bottom of trading range) to consider entering short.
Looking at a shorter time frame, it looks like a breakout is about to happen and will confirm the original or the alt short term wave count.
audusd is up trend again of today by elliot
Anybody confused by the Dollar today?
I am short this pair!
Bollinger squeeze on the daily? Ready to breakdown? I am short!
I’m short this pair as well!
Cashed out at .9948!!
and I see another pin bar on the 4 hour chart! My initial bias this coming week is to the downside.
happy trading