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$GBPAUD Wolfe Wave and Geo Off-Set RuleHello Traders, Here we have 3 Wolfe Wave's(WW) WW #1 - In the grey dotted line. This WW is near it's target at #1 Geo Off-Set Rule at point 4. The Geo Off-Set Rule here plays a role in the next 2 WW's. WW #2 - In blue dashed lines. This WW is internal to both the first and third(in purple) WW's. The Geo Off-Set Rule in the first WW act's as a point of reversal for the internal WW which created a 5" (5 double prime) structure. 5" calls for a Geo Off-Set at point 3. Represented as #2 Geo Off-Set Rule. This second Geo plays a role in the third WW as well. WW #3 - In purple solid line. This WW formed as price was making its way towards the #1 Geo Off-Set Rule of the first WW. The first Geo will act as point 3 of this third WW. When this target hits, ideally price will hit point 3 of the internal WW and give us point 4 of the third WW. The dashed purple line represents how I see this structure forming. This is an observation of the Wolfe Wave and the Geo Off-Set Rule. I would be interested to see how the structure forms. If you agree with this idea please like and follow for more interesting observations. :-} -Chartistry
by GWaves
5
AUDCAD: Potentially very interesting setupIn the current enviroment, it's nice to add a 'long Canada/short Asia' trade, and this is what this setup is. Currently the trend is up in the weekly but there seems to be a chance for a sharp decline in the daily chart. Risk to reward makes for a great trade if it works, so it's worth it to risk at least 1/2 position on it. Props to @Synapse here for mentioning this pair to me today, I've been waiting to long Canada again, and this seems like a good vehicle for such trade. Good luck if taking it! Cheers, Ivan Labrie.
Short
by IvanLabrie
13
GBPAUD LONG LOOKING FOR A BUYING OPPORTUNITY AT MY BUY ZONE WHICH IS IN CONFLUENCE WITH A FIB LEVEL AND A 3RD TOUCH OF THE TREND LINE. A BREAK OF THIS BUY ZONE WILL LEAD DOWN TO MY NEXT BUY ZONE. FUNDAMENTALLY THIS TRADE IS ONLY GOING IN ONE DIRECTION IN THE LONG TERM BECAUSE THE BOE (BANK OF ENGLAND) STATED THAT THEY ARE CLOSER TO RAISING RATES WHICH IS EXPECTED TO BE THE END OF THIS YEAR OR IN THE BEGINNING OF 2016 WHICH LEAVES GBP THE SECOND STRONGEST CURRENCY AFTER THE DOLLAR.ON THE FLIP SIDE AUD IS BEARISH ALONG SIDE THE OTHER COMMODITY CURRENCIES SUCH AS CAD AND NZD. CHINA SITUATION IS ALSO WEIGHING DOWN AUD. FIRST TARGET AT SWING HIGH/2.12000
Long
by remelthomas
AUDUSD 4 HOUR CHART SHORTI'M ALREADY IN A SHORT POSITION BUT IF PRICE RETRACES UP TO MY SELL ZONE I WILL LOOK AT PRICE ACTION TO ADD IN ANOTHER POSITION AND TARGET 0.75000. I STRONGLY BELIEVE WE CAN GET TO THERE IN THE SHORT TERM BECAUSE THE LABOUR MARKET IN THE U.S KEEPS COMING OUT GOOD WHICH WILL HAVE INVESTORS/TRADERS SPECULATING A RATE HIKE AS EARLY AS JULY. ON TOP OF THAT AUD CURRENCY IS STILL OVERVALUED AND THE AUSTRALIAN GOVERNMENT SAID HE.LL LIKE TO SEE AUD REACH 0.75000 WHICH IS ADDED CONFLUENCE THAT ITS ONLY A MATTER OF TIME UNTIL WE GET THERE. AUD IS DOVISH WHILE THE FED IS HAWKISH SO WE'VE GOT A GREAT DIVERGENCE ON THIS PAIR.
Short
by remelthomas
1