Daily Forex Analysis with Elliott Wave (04.17.2018) - GBPAUD
Dear Steemians, welcome to Wave Analysis...
Today, we have 1 new trade setup. Then I will update the Hotlist.
New Trade Setups
GBPAUD
Like all other GBP pairs, GBPAUD is making a weekly corrective structure. After correction, it will make its weekly down impulse. But I think there is a chance for one more up. I'm looking for short trade setups because my expectation is one more drop to the trend line. But 4th and 5th waves are optional, so it can just fall. Wait for a correction before taking any short trade.
Updating of Hotlist Items
Active Trades
USDCAD: Second short trade is active and its stop-loss at the breakeven as well. If you didn't take it, wait for a correction in 15m before selling.
USDJPY: Just leave it alone. It's making a running flat, and hopefully not an expanding flat. Then it will go up.
AUDJPY: I'm not touching to my trade. If you want to you can move your stop loss to breakeven.
CHFJPY: It's making something I don't know what it is. Just wait and see.
SPX500: I'm still expecting the down move as C wave. If it starts going down, I will start moving the stop loss to positive levels and I won't close the manually. Because, what if falls like a rock.
Pending Orders
XAUUSD: Nothing new, just wait for a correction to take a short trade. I still have an entry order, just in case if it falls. If it goes up, I don't have any trade setup.
Waiting for Correction or Breakout
NATGAS: I's breaking the trend line. Wait for a correction to sell.
GBPNZD: The structure between yellow lines can be an expanding flat. Wait for a correction berore taking any short trade.
Removed from the Hotlist
EURUSD: Stopped out with a small loss.
You can visit the published idea page on Tradingview by clicking the name of the asset. If you like to see more details and explanations about this trade setup and updating of Hotlist items you can watch today's video on DTube by clicking the following image.
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Until next time, trade with care.
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What is Hotlist?
Hotlist a short list, which contains charts that were shared in previous days. So, today's new trade setup will be in the Hotlist tomorrow, and I will update its status every day until I remove it from the list. Each chart will be in the Hotlist as long as we have an active trade or a pending order or its trade setup remains valid.
Disclaimer:
Don't invest more money than you can afford to lose. Trading carries a high degree of risk. Everything here is my personal opinion, should not be considered as trade calls.