AU200AUD SHORT TRADE SETUP We have a possible break of structure and retest and 4h.
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AUS200 trade ideas
XJO slips below critical support levels at 6522.55The November run ended just below the 6522.55 support level after reaching the 6680.95 resistance level.
The Index could fall to the bottom of the price channel around 6443.30 if it fails to hold above 6522.55.
Critical support levels are estimated at 6443.35, 6364.00, 6284.95, and 6205.75
Risk Management - TD 9 (2 Day Chart) ASX200 $XJO We could see a pullback this week,
RSI are showing overbought, MACD and DMI are showing buyers are slowing down and seller are starting to take profits.
Last week, We failed to break 6713 and had a shooting star candle.
Therefore, if I was shorting this index, that's my stop loss area.
ASX200 extending into key resistance..is the party ending?!The ASX200 has had a strong run up after breaking through 6200 earlier in the month off a higher low. Price is getting extended and we expect a further push from the bulls and reaction around the 6845 area. For further bullish action price will need to consolidate a pullback below the level before a thrust up and through to new highs. The previous move to 7200 before the Feb selloff was an extension of the highs so we may see some profit taking at this level again. Either way, a pullback should be deemed as healthy to reset for continuation...nothing keeps going up in a straight line and it may be getting to the end of the party in the near term.
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ETFs - compare strategies in Australia of MVE, VSO, IHD frm 2017ETF comparative strategies in Australia with MVE (VanEck Vectors S&P/ASX MidCap ETF), VSO (Vanguard MSCI Australian Small Companies Index ETF), and IHD (iShares S&P/ASX Dividend Opportunities ETF) - since 2017.
AU200AUD SHORT TRADE SETUP All information provided in the video.
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Long ASX/200 Index The Australian Index continues to edge to the upside as China's economy returns to growth, increasing trade with the Asian region that is key to Australia's export market.
XJO transitioning into new rangeOverall, I believe 6200 is the most it can drop. Breakout next two days will confirm new range of 6400 - 6900. Expect resistance at 6900-7000 range
Candle and wedge pattern - Starring The Aussies! This is an interesting position. Anything is possible. No advice is given. New traders may need to study these patterns and practice on paper trading accounts.
Disclaimers : This is not advice or encouragement to trade securities. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
nice PCP TO SELLPRICE SHOWS BEARISH PRICE ACTION.IT BROKE A DAILY DEMAND LEVEL.
ONCE TP IS HIT THE ORDER MUST BE REMOVED
Elliott Wave View: ASX 200 Looking for SupportShort term Elliott Wave View in ASX 200 (XJO) suggests that cycle from September 22, 2020 low is in progress as a 5 waves impulse structure. In the 30 minutes chart below, Index ended wave ((2)) of this impulsive move from September 22 at 5779.6. Wave ((3)) higher ended at 6248.3 with internal subdivision as another impulse of lesser degree. Up from wave ((2)) low at 5779.6, wave (1) ended at 5957.1 and wave (2) pullback ended at 5912.7. Index then resumed higher in wave (3) towards 6232.8 and wave (4) dips ended at 6165. Final leg higher wave (5) ended at 6248.3. This completed wave ((3)) in the higher degree.
Wave ((4)) pullback is currently in progress to correct cycle from October 2 low as a zigzag. Down from wave ((3)) at 6248.3, wave (A) ended at 6100.6 and wave B bounce ended at 6206.5. Index then turned lower in wave (C) and it has reached the 100% extension area at 5969 – 6060. Buyers may appear from this area for more upside or a 3 waves bounce at least. As far as wave ((2)) pivot at 5779.6 low stays intact, expect the Index to turn higher from the blue box in 3 waves at least.
