TRADE: AUDUSD: BUY@0.69170 LONG On Shark + Cypher

I'm already in LONG on this pair by way of my just posted analysis on this pair (see Related Idea: "ANALYSIS: AUDUSD: Is Wave 3 Done? If So, Where Will Wave 4 Go?") and also this POSSIBLE POTENTIAL bearish shark pattern's CD leg. I am putting my S/L at 0.69610 to give this trade some room and also to allow the C point of that cypher I posted in my analysis to establish should prices fall more.

If or when the shark completes, then I would expect prices to retreat back down to complete the bullish 5-0 pattern before going back up to finish wave 4 and hit the Wolfe Wave targets. For those that don't know hat I am referring to, please see my ANALYSIS post. Also notice that the shark pattern would complete at/near the upper trend line of the ending diagonal which should cause a brief rejection before breaking through. This is typical pattern breaking price action.

I would expect prices to target around the 72-74 cents level (yes, I know I said 72-73 cents in my analysis) to complete wave 4.

Good luck!

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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