AUDUSD - Long opportunnity with great R/R

Wait for MA or Trend-line break before going long

SL : a few pips below last low or 0.7202 for a more conservative one.
Target 1: 0.7380
Target 2: ~0.7454
Target 3: 0.7560 to 0.7780

**Price neeeds to hold above 7203 for this bullish move to be valid !

Note

Price turned around the blue support zone, broke trend-line,
giving me a buy signal.
Entry 0.72583
SL : 0.7200
First target : 0.7380

Note

In a nutshell, price turned around at the 0.786, which is often the last line of support for a turn to happen.
Price broke the yellow resistance zone quite easily; added to position on retest of that zone.
Now, that the red dotted trend line from previous impulse wave high is broken, there is not much resistance in the road ahead to the first target @ 0.7380.

!!! ** SL moved to break-even
You can also move it below last low around 0.7300 if you want to book some profits in case of a sharp reversal.

!! **Prepare to book some profits once first target is hit !

Note

75% profit taken @7351 for both entries because of divergence and diagonal formed.
SL moved to 0.724 for first entry and still break-even for second one.
Now waiting for new buy opportunity but for that, price needs to break and close above longer term trend-line (in fat pink)
If can't break it, look to short this pair a bit, until trend-line is retested.

Trade closed: stop reached

SL reached for all entries, nothing lost as we had moved them to break-even.
3/4 of profit taken before fall.

Price broke 0.7200 level, the bias is now bearish but not for long as we are in the last wave of a bearish impulse.

Look for price to reach the Fib levels before thinking of long positions.

ElliottWaveBelgium

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ElliottWaveBelgium