AU long scalp Triggered: AUDUSD adding to longs

6 Jun 2018

Long trade triggered per my previous plan.
The two positions represent two Take Profit points.
Total risk is 1% of account size for both trades in total.

My plan and what I was waiting for:

6 Jun 2018

Nota

Yowza! Nice econ news spike that will retrace,
But it was better than expected (slightly) GDP for AUS.
So I expect strong tail winds for this pair for rest of week (assuming no other news kills the fun).

6 Jun 2018

Nota

This could well have double topped at the Weekly R2 Pivot.
But I think not, just profit taking for now (as did I for 1/4 of my position).
But the overall good economic news should keep pushing up for a couple days at least.
I will be watching the Monthely R1 pivot below. If we break below that, it might be time to take the profits and run. Let see what happens.

6 Jun 2018

Nota

Also, it hit the very top of this Pitchfork.
That top was recently broken so I am not too worried since it should break easier this time. Will be watching the retrace for amount of energy being shown.

6 Jun 2018

Nota

Nice, so much for double top.
Here is 1 min chart LOL, but what it does at the 1.618 will be VERY telling as to the strength of this news-related injection of fuel to uptrend. If it crosses fast and easy, then the 3.618 may be the final target of this wave. If hits and retraces before surpassing, then the 2.618 might be the limit. Lets watch.

6 Jun 2018

Nota

Following up to last pic.
Notice how each Fib ratio makes its presence felt down the road.
For now the trade is making progress the way AU usually does - chop chop chop its way up.

7 Jun 2018

Nota

Hmm, so it looks like it was a local double top after all.
And that points to a rather weak wave 5.
And them means up trend might be running out of steam for now, or at least for this week. Lets see what London does with it tonight.