AUDUSD is nearing the completion of a bearish bat on the 1HR timeframe. This level is confluent with a .382 fib and AB=CD pattern. Additionally, a lower TF wave count indicates a possible wave four in process, pending the last wave in the impulse. I will be risking less capital on this trade as it will be an overnight limit order and I will not be able to provide live updates.
Order cancelled
I cancelled this limit entry because I did not a wave count that supplemented entry. HOWEVER, I see a reason to short now after looking at the 15m TF:
Remember to trade only according to your plan and the most important factor is proper risk management! Good Luck
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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.