**UPDATE**The #AUDUSD trade was stopped out at .75902 for a 28 pip loss or -$36.92 of the account. This has been updated on the Trade Ideas page and the account balance is now $1963.08.
I still believe the count in the chart below is correct and will be looking for another short below .7835 with a target in the .6000 area. I will be posting another Trade Idea in the next few hours.
#AUDSUD Trade Idea * Currently Short
Over the last two weeks the #AUDUSD has created what looks like a Leading Diagonal the I believe is complete and the pair is ready for a B wave pullback. The other option is that it is a Double Zig-Zag for wave two and wave three is about to start.
I am currently short at .75618 with the target of .7400. If this is just a B wave pullback then the 61.8% retrace and wave 4 line up perfectly along with a mid point pivot between S1and S2.
I used the Position Size Calculator to the right to figure out the position size I should be in for a simulated $2000.00 account. I used 2% risk and a 30 Pip stop loss so my risk is $40.00 on 13 Micro lots. My Risk/Reward is 5 to 1.
I do not have an order in t .7400 yet because I want to see how this move down progresses and see if this is a wave 3 down before getting out.
If I am stopped out then I will look for anther opportunity to short the pair.
Thanks for all the likes, retweets and follows on twitter.