We can look for shorts (in the case of AUDUSD might be better for wait to enter on a retracement) in these instruments. It's evident we have failed to break resistance in AUDUSD and that USDCLP is forming a nice turn at the lows in the daily, which nicely correlates to Copper forming a double top here, with plenty of downside to be seen.
Clearly, bears are involved and we can take a nice position at market, with stops 1 tick above 2.301 ideally. Today's price action justifies assuming AUDUSD and its crosses have reversed for the time being, at least in the intermediate term, and it's safe to fade the recent advances in them.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
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Good progress.
Kommentar
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Need a new low asap, Closing as an inside bar would make me wary of shorting copper here.
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Waiting for the daily close, I bailed from audusd shorts.
Trade wurde manuell geschlossen
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Since we didn't have a new low yesterday on close, this trade was invalidated as I mentioned.
Copper is already oversold and very cheap
This could be a 3rd bull wave, confirmation when it breaks 2.3 (likely to retest 2.3 in my opinion)
Trendhopper
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Oh and there is also a bottom head and shoulders in place, so it looks very bullish medium/long term...
IvanLabrie
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Yes long term I think we can expect a general risk on really this year on the back of a dovish fed and copper uptrend but right now it will correct said downtrend. I'll sort but not expecting new lows in aud or copper.
AlexC
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It could be a symmetrical triangle as well.
IvanLabrie
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I'm not a pattern guy. I trade what I see now, and now I see a short. If it stops and gives me reason to long I'll flip long.
It could form a 'triangle' like consolidation, I doubt we see new lows.
AlexC
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Indeed. I see a V top at the moment. As for my triangle theory, based on your time mode analysis, will you be able to estimate the time of breakout? Thanks,
IvanLabrie
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Not 100%.
I can estimate the direction of each leg, once we have reason to suspect the triangle would break up, we'd have a convincing long setup, time and price target. But not yet, no.
AlexC
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Interesting. Thanks. Looking forward to your update if this happens.
Trendhopper
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We have seen 5 wave bulls in gold and platinum this year, a 3 wave bull in oil now, copper will break into 3 wave at the end of consolidation/symmetrical triangle in my opinion, oil and stocks are going up and will drag copper up with them....