Sunday, July 10, 2016

#AUDSUD Trade Idea * Stopped Out* Update

**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.