We had a great slide on AUDUSD today. Major pippage! In order to capitalize on all price action for this pair, I want to take profit on the wave-B completion which will mark the completion of a bullish Gartley pattern. We know that there will be continued bullish correction because the A wave is quite clearly a 5-wave impulse move and thus we should expect AT LEAST a zig-zag sharp correction to complete before continued bearish price action, if not a deeper combination pattern. SL is placed beyond the base of wave-A and the most common SL for a Gartley. I want to start looking for shorts again at A=C. If I don't see any bearish impulses to ride out I will wait for the potential bat to complete. More updates to come as the tide rolls
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Long is active! Too early to declare with confidence, but the entry zone is showing nice resistance. If stop is hit, it would be a rare expanded flat after a very strong impulse in wave-A. Good luck!
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CORRECTION: Entry Zone showing nice SUPPORT
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Here is an alternative chart that reveals recent price action:
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Wave count update! We're coming out of a triangle, likely bullish PA from here:
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We witnessed an interesting triangle correction in the fourth wave that surpassed the end of wave-3. I like the bearish side on this coming up, as this is a great indicator of bearish bias and a swift drop after the correction in wave-2 is completed:
Yes Hanu this one hit SL. We have a wave-4 triangle that surpassed the end of wave-3. Indication that bearish movement is coming and will likely be very strong
Hanu727
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Hi Glen, hope you had a pleasant weekend.
Look forward to all your trade setups this new trading week.
I hit SL at .7623