Daily bear candle
5 wave decline for wave 1 of possible 4
Entered short at market at .7245
Stop is .7305
Target is .7190 minimum depending on how impulsively this move drops down as its possible wave C up is complete and we're going down towards .7000
5 wave decline for wave 1 of possible 4
Entered short at market at .7245
Stop is .7305
Target is .7190 minimum depending on how impulsively this move drops down as its possible wave C up is complete and we're going down towards .7000
Note
After a gap down at open we've retraced the gap and then some. It's leading me to believe theres still a fight between buyers and sellers typical of a 4th wave. Still I think it should go down some more towards .7186 where a=c minimum.Trade closed manually
Well, I was dumb and cancelled my TP at .7187 which was pretty much the exact bottom of the swing. Instead I moved my stop to .7198 and it got hit. Technically we could just be moving up in wave 4 and another swing down back into my target zone but I still think there is a bigger leg up in AUD so I guess Im staying out for now. Lesson learned, don't cancel you TP levels and just let your trade play out once your done with your analysis
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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.