We had a great slide on AUDUSD today. Major pippage! In order to capitalize on all price action for this pair, I want to take profit on the wave-B completion which will mark the completion of a bullish Gartley pattern. We know that there will be continued bullish correction because the A wave is quite clearly a 5-wave impulse move and thus we should expect AT LEAST a zig-zag sharp correction to complete before continued bearish price action, if not a deeper combination pattern. SL is placed beyond the base of wave-A and the most common SL for a Gartley. I want to start looking for shorts again at A=C. If I don't see any bearish impulses to ride out I will wait for the potential bat to complete. More updates to come as the tide rolls
Trade active
Long is active! Too early to declare with confidence, but the entry zone is showing nice resistance. If stop is hit, it would be a rare expanded flat after a very strong impulse in wave-A. Good luck!Note
CORRECTION: Entry Zone showing nice SUPPORTNote
Here is an alternative chart that reveals recent price action:Note
Wave count update! We're coming out of a triangle, likely bullish PA from here:Trade closed: stop reached
We witnessed an interesting triangle correction in the fourth wave that surpassed the end of wave-3. I like the bearish side on this coming up, as this is a great indicator of bearish bias and a swift drop after the correction in wave-2 is completed:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.