AUDUSD, 4hr tf, Elliott wave sell and buy planHello my friends,
I am sharing my trading plan for AUDUSD.
As you can see, i used elliott wave theory to forecast AUDUSD movement.
In my opinion, price completed wave-iii. We could see price retrace towads 0.7670-0.7690 area.
I sold AUDUSD at 0.7735 aiming to capitalize wave-iv movement.
My take profit is around 0.7690 which is 2.25R setup.
After price complete with wave-iv, we could then expect buy opportunity with take profit target at 0.7800 resistance.
If price manage to retrace towards 50% fibonacci level, it will be a good opportunity to buy with stop loss using wave-i top.
My plan for buy is to buy AUDUSD around 0.7670
Stop loss 0.7645
Take profit 0.7800 (5.2R)
For both trades, i only use 1-2% risk.
Good luck
