Long

AUDUSD Long Trade Setup

Updated

Hello traders.

I'm looking at long trade and I put an entry order above previous top with stoploss below previous bottom.
TP1 : 0.79200 (for running flat)
TP2 : 0.80500 (for expanding flat)
TP3 : 0.84500 (0.382 retracement of down impulse)

Trade active

But I don't like how it reversed quickly. So, I'm waiting for a small correction, then I will remove my trade. But, if it goes up sharp, I will keep it.

Note

Trade is still on and I'm waiting a correction for more up side.

Note

Even if there is still a chance for one more drop, it looks like corrective structure completed as contracting flat. Now, I'm waiting for up impulse.

Note

It went up nicely. There isn'tt any divergence in 1H, but there is one in 15m. It can be an issue, we will see. Now there are 3 options:
(1) Structure between aqua lines can be running flat. In this case, it will go down and stop me out.
(2) It can make a deep correction for more upside.
(3) It can make a small correction for more upside.
At this point, I don't touch my stoploss, because I don't think first one will be the case and I want to protect my trade if it makes deep correction. If you don't like to keep the trade open with current risk, you can move your stoploss to breakeven.

Note

It's going up, but still there isn't enough momentum. I think it will make a deeper correction.

Note

Because of the sharpness of down move, I start to look at the structure between aqua lines as a running flat. It was always one of the possibilities but I wasn't expecting. Now I'm waiting for a correction to close my trade at least some profit.

Trade closed: stop reached

WaveAnalysis

Also on:

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.