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I think it was a good decision to close AUDUSD short position. Soon after I closed the position, it bottomed, and now I see a clear rebound of .2 wave on the daily chart:
On 3 hours chart, I can see C wave now is about the length of A within .2 wave. .2 may be ending soon if my view that AUDUSD is still in IV wave is correct.
I will sell AUDUSD if 1.0222 breaks down. I did not close position in March and there were no other trade. So Q1 was flat. I initiated the AUDUSD short position on March 29 along with my mid term view explained in the previous post. It’s been 10 days, and I closed all with 0.95% gain. I had expected AUDUSD to accelerate the downfall but what we actually saw was a non-impulsive move:
I’d like to think .1 a leading diagonal wave. If I am correct, I will have a .2 correction before speeding the downfall to .3. I haven’t made a bet this year mostly because of a personal reason (starting out with a new job in a new city). I need to see what trading cycle I am most confortable with the new life. As the end of Q1 is approaching, I started to feel that I wanted to trade at least once. I only looked EURUSD and AUDUSD, and I decided to take on AUDUSD this time. The first chart is from the previous post in December last year:
I don’t think Wave IV has ended yet, and here is the daily chart from today. If IV is composed with A-B-C flat wave, what should be coming is downward C. So I would play short for the coming months.
But in March, I’d rather trade long at C of .2 as in the 360min chart:
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