AUDUSD Chart Analysis 3 Feb 2019

in blog •  20 days ago

This chart analysis is based on what I've learnt so far about Elliott Wave. It may be a bit raw but, hopefully, I'll get better as I go along. I'll keep the analysis short and include possible trading strategies. I actually do trade currencies on various platforms.
Let's take a look at a H4 (4 hour) chart of AUDUSD (commonly known as the Aussie) on 3 Feb 2019.
AUDUSD 03022019 H4 Chart.jpg
Based on the wave counts, the ABC correction is complete. If the Aussie breaks the support at 0.7235, it may be the start of a new down trend.
Trade Idea:
If AUDUSD breaks support at 0.7235 and has a H4 or D1 (daily) close below 0.7235, place a sell limit order at 0.7235 with a stop loss (SL) at 0.7285 and a take profit (TP) at 0.7135.
I will update this trade in the comments.

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I've initiated this trade at the levels stated. Let's wait for it to "mature".

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