I like the sound of your master plan to build an 80%-successful Comdoll community - count me in!!
First up, should say a couple of things: I have been trading under two years, so am not a wildly experienced guru myself, although it sounds as though I am a little further down the road than you, maybe. Also, I am afraid that I have never studied or traded Elliot Waves (although I am famililar with the principle), so my answer will inevitably be a little generic, rather than tailored towards Elliot in particular.
I should also add that I am not solely a long-term trader. Most of my trades are placed off the Hourly, 240 and Daily charts, lasting up to three days or so. I look for setups before I look for duration, timeframe etc.
Certainly I agree that we have had a sustained uptrend. Indeed, one could argue that we have been in a consistent uptrend since the double bottom bracketing Summer 2001, aside from the major selloff in Summer 2008. However, with the recent high having been the all-time high for the Pair, we are now in something of a transition phase - will Price go on to make higher highs, continuing the uptrend, or is there no appetite for a better-than-1.1000 value on this Pair, in which case we might see a selloff from current levels? I believe that it is that question that is being played out currently, and that has caused the current consolidation. Price has basically spent the last two months ranging between around 1.0500 and 1.0750.
I believe that the key to successful long-term trading (as in trading successfully as a career, rather than individual trades lasting a long time) is to minimize risk as far as is practially possible. I trade a number of different currency pairs principally in order that I might take only the higher probability setups. I still have losses, inevitably (such as an abortive EUR/JPY Short yesterday lol!), but I try to take really clean setups.
So my simple answer to your question is yes - the safest way to trade this Pair currently would be to wait for a confirmed close on the Daily chart either above 1.0750 or below 1.0500, then watch the initial move, wait for a retracement to retest that same level, then trade that move away from the S/R level. A slightly higher risk Entry would be to trade the break of the initial close outside of the range, but often there will still follow a retest, so there might be some nervous moments! The advantage of this more aggressive Entry is that there is not always a retest, simply an aggressive move, which you could catch while those waiting for the retracement would have to sit on the sidelines and watch you make a killing. But in either scenario, it starts with waiting to see where Price goes.
Some people would trade the current range, but for me it is not sustained or clean enough for me to want to trade it right now. Last month’s Monthly Pivot comes through around 1.0705, which has affected Price, and this month’s will be lower, so that also mucks up the range a little. If the range lasts a little longer, I will look at trading it. Today’s Daily might close with a high test off the 1.0750 area, some will trade that, although I won’t, with it being a US Bank Holiday on Monday. (If you want an example of a range I have traded, a few of the CHF Pairs earlier this year gave some good pips, CAD/CHF Daily is one example, I think from memory around November 2010-end of February this year, the range was giving 5% trades).
One final thought on AUD - if you look at the Weekly chart and put on a 20ema, you could argue that there is a strong upward trendline and we can expect Price to rise and break the previous high at 1.1000 to form a new all-time high. I don’t know what will happen, obviously, but there is enough doubt that I am staying out until things become clearer. We need to see whether the market has the appetite for new highs, or whether it will be more comfortable at a lower level. We can trade it regardless - the joy of Forex!
Anyway, with apologies for the extremely rambling nature of this post, I hope that some of that was of interest to you and in among the waffle I have given you one take on your question. I am sure that others will have their own views!