Hello Traders, I am asked to up date the AUDUSD chart I posted a while ago, but would like to warn of the danger of picking tops and bottoms. Remember no matter how accurate your analysis is (and I have not found any method of analysis to be more accurate than wave theory) you still have to let the chart prove you correct. That is why I train, yes TRAIN, my trader to have penitence and wait for the trade. We are waiting for a sell on AUDUSD but first it has to make a down impulse (this is the start of any wave ) then it will correct, this is the prof of continuation. Use a tested strategy to trade it . I hope this helps.
Trade with care Thank you for your support.
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60 min view.
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This is why you wait for confirmation
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Ok Guys you are getting one of the golden rules I teach my traders "it's not over until it proves it's over" If you have seen any of my webinars you would know the basic structure of wave analysis - impulse correction impulse.
Market is testing .7676 critical resistance level, let's see if the daily candle closes above that level or not, if not then we might see mid-week reversal in Asian Session.
Happy trading to all!
alex.ofx
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Good lesson learnt from me here..shorted the top, not in loss. Thanks anil! appreicate your words (: