Top trade idea for February 9th, 2016 – AUD/USD
By Gregor Horvat on Feb 9, 2016 03:44:06 GMT
AUDUSD has turned nicely down last week from 0.7240 where we expected to see a new turning point after seven legs of recovery from January lows. Recovery was overlapping and slow so we labeled it as a corrective move, probably it was wave C within a big triangle so new three wave decline can now be in the cards. If we are correct, then traders should be aware of a decline even back to 0.6900 area while highs from last week at 0.7240 are not breached.
AUDUSD Short From 0.7110
Stops at 0.7230
Move stops to entry when risk : reward is at 1:1
Cancel trade if Market will go straight down to 0.6950 without be filled before that
About Gregor Horvat
Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/ Try EW-Forecast.com’s Services Free For 7 Days at http://www.ew-forecast.com/service
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