I have identified a long opportunity for AUDUSD on the 3-hour chart using Elliott Wave analysis.
The current price level is around 0.66418, and I am entering the trade at this point. The chart shows the completion of wave (4) and the potential start of an impulsive wave (5), indicating an upward movement.
My target levels are set based on the Fibonacci extensions of wave (3):
- First target: 1.000 Fibonacci extension level at 0.68658
- Second target: 1.618 Fibonacci extension level at 0.70044
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 0.66000. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in AUDUSD while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 0.66418, and I am entering the trade at this point. The chart shows the completion of wave (4) and the potential start of an impulsive wave (5), indicating an upward movement.
My target levels are set based on the Fibonacci extensions of wave (3):
- First target: 1.000 Fibonacci extension level at 0.68658
- Second target: 1.618 Fibonacci extension level at 0.70044
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 0.66000. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in AUDUSD while effectively managing risk with clear entry, target, and stop loss levels.
Trade active
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.