I'm updating this post on this pair to let everyone know that prices have completed that bearish butterfly pattern and have been flirting with it's PRZ. It is quite possible that prices will now back off and retrace some after a nice run-up. I'm just informing here but I am not myself taking any action to close any positions as I am holding my LONG positions for the LONG TERM. ***NOTE*** I removed the other patterns that I had posted about for clarity (see Related Ideas: "UPDATE#1: QUICK ANALYSIS: AUDUSD: wave (B) Finished. Wave 3 NOW")
In fact, what I am looking for is a opportunity to add to my LONG positions here upon the completion of any retrace. I've pointed out an area that I think may provide that opportunity. It's the former resistance area which should now act as support. Also, that structure zone falls between the.50 and the .618 retrace of the last wave up. I'll be looking for signs of bullishness when prices get there.
I have also included a VERY EARLY possible wave count for the current uptrend. It is possibly only the wave (1) of a 5-wave wave (C) move And if that is correct, then the retrace we may see here is only the wave iv of the wave (iii) of this initial wave (1). That means this wave (iii) is not yet done! More pips to come!
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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Hi, wave iv is coming in wave i Price Range, if I m not wrong, wave 4 never comes in to price range of wave 1, thus, is the setup being invalidated ?? please correct me sir
EverythingForex
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First, let me say that in rare cases, in forex trading, wave 4's can come into the wave 1's price territory. But this is very rare case. In most cases, it should not. In this case, it should not. It has not done so yet. But if it does, it just means that may initial VERY EARLY wave count is not correct. I said it is a VERY EARLY wave count for a reason. Right now, there really is not enough data points to go on to better label the wave count. What I did was just a best guess. So if it's wrong, that's why and I'll go back and re-analyze it.
sam_thesupreme
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Thank you for the detailed response, appreciate it, I m happy that I m not getting wrong in that...