AUD/USD: Agressive short based on harmonics
Big bullish Gartley and smaller bearish Bat on chart...
I consider the short trade based on the bat as an agressive trade so I would advise to proceed with caution: adjust position size accordingly and keep SL tight above the double top level, a better short entry would be close to the double top level (0.7835) for maximum R/R...
2 trade examples on chart based on the blue bearish bat and entry at market!
If this turns out to be a bullish wave 3 it will fail, but that's what money management is for! ;-)
If it goes further up then the next big level to watch for shorts is where a bearish AB=CD ends (right at the preceding bearish wave 4 high and the 1.27 fib extension...)
I consider the short trade based on the bat as an agressive trade so I would advise to proceed with caution: adjust position size accordingly and keep SL tight above the double top level, a better short entry would be close to the double top level (0.7835) for maximum R/R...
2 trade examples on chart based on the blue bearish bat and entry at market!
If this turns out to be a bullish wave 3 it will fail, but that's what money management is for! ;-)
If it goes further up then the next big level to watch for shorts is where a bearish AB=CD ends (right at the preceding bearish wave 4 high and the 1.27 fib extension...)
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So far so good...
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Clearer view, nice reversal...:
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I had a very nice entry last week but I decided not to risk too much and trail SL to BE so I got stopped out...
Looking for another opportunity now, looking at this:
Looking for another opportunity now, looking at this:
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I see now that for some reason the large "down" trendline wasn't on the chart I published first because the visibility was not set to the correct TF's...
So here it is with the trendline (rather important one...):
So here it is with the trendline (rather important one...):
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Another pinbar at the trendline so shorts remain valid for me...
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As expected, nice down continuation..., either in a wave C or a wave 3 now..., at the MA(100) now, I think it will break and go to the MA(200) and TP1..., beyond that watch the 1.618 wave A (or 1) ext. close to the 0.618 ret of the last up move..., look for momentum oversold condition at any of these levels for a possible retracement or reversal...
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People who traded the blue bat should consider taking profit for TP1, it's not quite there yet and there is still room to move further down but the moves we saw from the top look rather corrective so maybe consider taking some profit... Just a suggestion...
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Bat TP2 coming up, 'up' trendline and major support around that level...
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I would take part of it now... based on daily MA...
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Next levels to watch if we go lower...
