AUDUSD TYING TO BOOK SOME CORRECTION BEFORE DOWN TREND RESUMES

29 Sep 2015

Hey, traders. Wonderful oppotrunity here. With a new structure high and a retest of highs priceaction made an up-trend which definition is "a series of two or more impulses in one direction separated by correction". The retest of highs is an impulse because it tests the last impulse's initial point thus forming a double top. This up-trend was invalidated by a NSL which is the sign of reversal. SIgn of reversal is the last impulse's intial point violation. We see priceactions breaks through the most resent HL installing a NSL. With that being said I took a bat pattern to enter long. I don't expect to see another impulse to the upside only a correction of 0,618. A this point I'm going to sell one unit to close my long position and then immediately sell another unit to initiate short position with a 2618 patternin anticipation of down-trend to resume. this technique is known as stop-and-reverse technique. Look at the related ideas links to see how this kind of setups work. press like if you find the information useful and subscribe to get my ideas beforehand. Good luck.