I couldn't follow the position. It got stop out at 12041.
I try to play out another short setup. I'm not sure that the market is going to reach my TP because we are at the primary target zone.
Closed my short at 12072.5. I'm gonna take a break now.
Break even. Channel on 5 minutes charts must be broken for continuation.
I'm trying to play out a short setup. Primary target zone is at 12030s.
Aussie got stop at 0.7602
The rally is really intense. I can only scalp this market and it's hard to post the position live. I had 2 long scalps: one was from 12058.5 to 12075.5 and the other was from1 2080 to 12103.
I opened a short position in AUDUSD. Context will be uploaded later. I'm anticipating at least a wave 5 on the 4 hours time frame with a target zone below 0.7550s level.
Examining the 4 hours and daily charts the reversal was nicely set up. Many correction channels were broken and tested today and the MA10/20 channel on the daily time frame also provided nice support again. If this will only be a part of a ranging correction I still think that wave [b] and [c] is missing and the this mornings' rally was at least a wave [ä].
Resistance and the psychological level of 12000 is near, so I decided to take profit at 11995.5.
The DAX reached an ideal level for a correction, but the context of the bigger picture is still open. I'm following a complex correction pattern, because so far the index has shown 3 wave patterns. Nevertheless it doesn't mean that the rally cannot be an impulsive wave, namely and ending diagonal. Whatever the market will decide, this 2 interpretation should move in the same direction for a while. The channel drawn on m30 and h1 shows us that most likely a double zigzag pattern is finished and the market should rise higher even in case of a complex correction pattern on the daily time frame.