AUDUSD AB=CD to 3-Drive
Here we have a symmetrical AB=CD on the aussie-dollar. You are able to trade ab=cd's on their own, some may go long here. However, i'm not a fan. Due to the set up of this channel, I will wait for the 0.786 retracement, then, rather than waiting for the 3rd drive to complete, I will short the 3rd drive as it reaches the top of the channel.
Combining technical analysis with fundamentals: going into next week we are expecting a stronger dollar; tonight aussie exports have been announced and they are slightly higher than expected, rising by 9.4% rather than the forecasted 8.0%. Exports bringing money into the country and adding to the trade balance, this may be enough to strengthen the aussie between now and next week to the extent where it reaches the top of the channel before the short.
AB=CD patterns should be as symmetrical as possible- we can see here that both waves equal 52 bars, 2 days and 4 hours exactly. Taking a trend line from A to C, a 0.786 retracement touching the channel would be a marvellous entry. Trading is never as straightforward- I doubt it will hit exactly where i'd like, but i'll roll with it and see where it takes us.
My short TP will be in line with point D of the AB=CD, with a stop loss just above the previous high.
AB=CD Ratios in addition to symmetry
C: 0.618-0.786
D: 1.272-0.618
3-Drive ratios in addition to symmetry
Retracements: 0.618-8.272
Extensions: 1.272-1.618
Combining technical analysis with fundamentals: going into next week we are expecting a stronger dollar; tonight aussie exports have been announced and they are slightly higher than expected, rising by 9.4% rather than the forecasted 8.0%. Exports bringing money into the country and adding to the trade balance, this may be enough to strengthen the aussie between now and next week to the extent where it reaches the top of the channel before the short.
AB=CD patterns should be as symmetrical as possible- we can see here that both waves equal 52 bars, 2 days and 4 hours exactly. Taking a trend line from A to C, a 0.786 retracement touching the channel would be a marvellous entry. Trading is never as straightforward- I doubt it will hit exactly where i'd like, but i'll roll with it and see where it takes us.
My short TP will be in line with point D of the AB=CD, with a stop loss just above the previous high.
AB=CD Ratios in addition to symmetry
C: 0.618-0.786
D: 1.272-0.618
3-Drive ratios in addition to symmetry
Retracements: 0.618-8.272
Extensions: 1.272-1.618
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