Hi, Excited to come up with the first video on AUDUSD for the year 2018. You would be wondering what are these - Great White , Port Jackson, Zebra, Thresher, Tiger, Oceanic White, Great Hammerhead, Grey Nurse. Is it some kind of zoo- correct! - If I would have been in your place would have had same thought process & imagination but let us not allow our imagination to run & fly -hold ourself.
Well, if you google them you will get to know that these are species found in Australia which are dangerous to catch & some of them even have state wide ban as well for catching like Great White & Grey Nurse.
As an Analyst and Trader, I am just bothered about only 2 species - & & these days there are lot of sharks in Australian Dollar Waves.
To catch these sharks we need TFR - Trader's fishing rod & before we even do that - we need to find them using Analyst Spectacles.
Before we dip into current structure to catch these sharks. Let me just tell you some basics about TradingView Platform. Visibility Factor which is most important to find these sharks - If they are not visible - you cannot find them & if you cannot find them - How will you catch them- as simple as that......
Unlike sharks available in Australia they are huge in size & hence visible but sharks which are seen & available in our markets can deceive a trader & analyst so you need to have proper visibility factor or shoud be able to use visibility feature to find & catch these sharks.
1500 Pips+ Let us catch some sharks - Are you ready ! So, let's begin...............
Can the from 0.7875 give us another big move - likely expecting to travel to 0.7200 & below 0.7200 for 0.6800 levels next holding 0.7875 as top or near by top.
Got chance to sell close to email@example.com at 0.7865
Top isn't confirmed yet as it is doing whipsaw moves up & down between 0.7880-0.7900
Next - We will sell below 0.7865 keeping strict stops above 0.7900 - It should not sustain above 0.7900 mark else we need to come back again to check the structure.
Let us wait for some more time as it poked & got new firstname.lastname@example.org- waiting at sidelines.
Possible Wedge formation could end the structure close to 0.7898 -previous highs shown as red horizontal line in bigger picture snapshot.
Wedge formation zoomed in 30 mins snapshot - looks like we are heading close to a top if correct then guys be ready & tighten your seat belts as going below 0.7855-0.7860 after making new highs close to 0.7897 or slightly upside but below 0.7925 at max
So, fall could take first to 7810 as initial target where it likely will hold if it starts falling from wedge structure as suggested.
Wow! as expected we got the upside leg making new email@example.com- falling below 0.7880 & 0.7855 shall be the clue for a possible top as discussed overnight.
Short Term Chart - 30 Mins
Long Term Chart - Weekly
Had a fall from 0.7905 but did not sustain below 0.7855 lows as expected - making a firstname.lastname@example.org & turned upside for new email@example.com
We shall wait next to see how it moves in next week session & later decide the entry point.
Recent High@0.8039 - We have final shark below 0.8125 Highs & pattern turns complete bullish as going above 0.8125 - we will search for bullish opportunities on every dip that is alternate strategy
There is a bearish shark & this update is all about catching sharks so here we have final shark - going below 0.7990 - we will sell & once it falls deep then we will trail the stops to cost @0.7990 so that we don't lose anything. Have a nice weekend.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ