Updated

AUDUSD, Nice long trade setup

Been watching this one for almost 2 months now, seems to have formed a good pattern now. First goal is that blue line with a first small TP at the first circle. This could potentially be a long term long for this one.

Previous analysis:

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So far going as planned, wan't to see that neckline break today.

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Going perfect, move stops to at least entry for a free trade. When willing to risk we can think of increasing the position tomorrow, not today. Want to see the price stay above that neckline

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Yesterday it looked perfect, but the breakout move should have been a bit stronger. That's why i said to wait with increasing the position. Now this inverse H&S is starting to look like a small bearish wedge.
This is usually the case with a wedge and H&S, depending on how strong/weak the moves are, the pattern gets chosen. It can still become both at the current situation, but than it should not drop much more and stay above that rising trend line.

I would use one of these 2 stop levels (or both).

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More resistance now and made a lower high that gets confirmed if that green support on the left breaks. When that happens it could start to drop towards the low again. So i would take profit if that breaks or use the entry level as a stop.

This does not mean the bottom formation idea is off the table, just means it will take more time until we see that move up.

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Broke the wedge with a big strong move reaching the first target already. Now if it follows the red line, we can try to add the part we just sold again for the next wave up.

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The last candle on the right could be a high, there fore i would take some profit here now and let the rest ride with a tight stop. Bigger picture i will try to get in again at lower prices.

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As suspected, the high for now is set and from the looks of it it will drop even more now. We can try to get in again at lower prices next week

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It never dropped again and i never got the chance to get in again. Still made a very nice quick profit on this one. Just going to wait patiently to see if it drops again. If not, up to the next trade/asset :)

Trade closed: target reached

Bulls eye :) but the last part without me :(

For the ones who are still in, take profit or use a very tight trailing stop

botje11

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botje11

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