AUDUSD long

Although AUDUSD is very bearish at the moment we might see a retrace soon. However I think we also need another leg lower to complete the wave count in Black. So depending on what the market provides us we can trade both counter trend as trend. But more importantly this chart shows you that chasing a trade is unnecessary because there is more to come so dare to wait for the perfect trade and you will be able to profit more consistently in this business.

I don't trade support/resistance but I understand where this is based on and more importantly where it comes from (market dynamic). So IF I see a certain reversal from a projected area (the way I determine those area's and there aren't many of them), the trade has a higher probability.

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Kommentera:

AUDUSD made a first leg higher but I think that wave 4 is not yet in place. If this failed retest of the low holds (meaning, if we see a consolidation on lower time frames after the current impulse on lower time frames), I will add another position to my long. If however price breaks lower I let it go and worst case scenario I got stopped out at break even. Then we just have to wait for the next opportunity which will come.

Kommentera:

We saw a nice consolidation that presented a new buy opportunity which I traded. However I expect price to move higher and will be looking for the next consolidation.

Kommentera:

Bigger picture

Trade stängt: målet nått:

Took profit at target zone and will see what's next, it might go a bit higher first. Updates will follow.

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In next weeks trading session I will be looking for a minor consolidation and buy the bullish continuation from lower time frames towards 0.74 zone.