AUDUSD, 4hr tf, sell to ride Ellitt Wave 5th wave
Hello my friends,
This is the first day of October and i hope everyone gonna have a good trading month.
The first trade i took for October is selling AUDUSD.
I used Elliott Wave analyis for this trade and taking sell position as i found that price already finished moving with wave-4.
Wave-5 gonna be anoter downward movement so we will ride it.
Wave-4 rule is it never touch wave-1, in this case we will use wave-1 area as a stop loss to invalidate our analysis.
Wave-5 usually retrace to 76.8-127.2% of wave-4 but i am gonna use conservative target and aim the 76.8% fibonacci
Sell AUDUSD 0.7185
Stop loss 0.7120
Take profit 0.7150
RR raio is 1 : 3.8
Use only 1-2% risk
Good luck
Disclaimer : I sold AUDUSD at 0.7185
This is the first day of October and i hope everyone gonna have a good trading month.
The first trade i took for October is selling AUDUSD.
I used Elliott Wave analyis for this trade and taking sell position as i found that price already finished moving with wave-4.
Wave-5 gonna be anoter downward movement so we will ride it.
Wave-4 rule is it never touch wave-1, in this case we will use wave-1 area as a stop loss to invalidate our analysis.
Wave-5 usually retrace to 76.8-127.2% of wave-4 but i am gonna use conservative target and aim the 76.8% fibonacci
Sell AUDUSD 0.7185
Stop loss 0.7120
Take profit 0.7150
RR raio is 1 : 3.8
Use only 1-2% risk
Good luck
Disclaimer : I sold AUDUSD at 0.7185
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