After backtesting May 24 flipped S/R area into a support in Tuesday’s sell side liquidity, the AUS200 has sparked a new up wave!

Last analysis today goes to the AUS200 index.

My short trade plan last June 3 has exited in another stop loss:

https://www.finlogix.com/analysis/20240603/aus200-intraday-analysis-and-trading-plan-for-june-3-2024

Extending my lose streak to 7 with no win record.

There was only 1 Australian high impact economic report last Wednesday while there are 3 remaining tonight to complete a data heavy week in the US.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Last check is a Green Spinning Top current is a Green Long Lower Shadow

Monthly Candle: Last check is a Green Shooting Star current is a Green Body with a Slightly Longer Tail Wick

Weekly Candle: Last check is a Green Shooting Star current is a Green Body with a Slightly Longer Tail Wick

Daily Candle: Previous close is a Green Body with a Longer Tail wick current is a Green Long Upper Shadow

Good work by the bulls in halting bearish pressures this week after sell side liquidity below May 24 lows has been picked up well changing price direction instead targeting the sellers’ positions.

We can now fully say that June is a bullish month for the AUS200 index nullifying bearish odds and price is now retracing proudly in May’s profit head wick.

The current up wave is likely to continue higher after May 27-28 external high got broken this week.

This up wave can become impulsive until the remaining May external highs are surpassed.

Keep watch. Any potential pullback towards the May 27-28 can be good retests as new intermediate support.

Although the intraday candle looks topping out, I’m speculating for an impulsive wave soon!

Therefore, I’m going to open a long position at the current red candle with a stop loss placed within the 50% fib retracement level of the previous May 24 to 28 range and an ambitious 8000 psychological level take profit target!

Here are the new long trade plan’s order details:

All I know in my own honest opinion is that the AUS200 index will print a new high record this 2024.

We’ll see how this trade plan goes and good luck.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

AUS200 Intraday Analysis and Trading Plan For June 7, 2024

Jun 07 2024

Stop Loss -1.17%

Holding time 3d13hr

7850.85

Entry price

7759.24

Stop loss price

1