AUS200’s peak last week reverses its up wave, its former lower high trendline resistance is likely tested as a support.

As a result, my July 15’s long trade has exited in loss after holding for 2 days and 11 hours:

https://www.finlogix.com/analysis/20240715/aus200-intraday-analysis-and-trading-plan-for-july-15-2024

An updated overall win-loss record of 2-9.

There are no Australian high impact economic reports this week.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Tail Wick since last check

Monthly Candle: Still a Green Body since last check but with a Longer Head Wick

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Spinning Top

Daily Candle: Previous close is a Red Body with a Slightly Longer Tail Wick current is a Red Spinning Top

In today’s analysis, I’ll be using July 9-17 swing low to high moves as our retracements’ points of view.

These swing moves depicted a complete up wave structure and AUS200 currently experiencing a new down wave price correction that is not yet finished. 

Supports come into play as previous July 4-9 swing low to high moves will become a buying order block adding support to the flipped LH TL resistance into a support.

Once the LH TL becomes resistance again, multiple sell side liquidation levels below July 4-9 OB are targeted.

In today’s trade plan, I am setting a long position again as price approaches the 78.60% fib level buy zone which the mentioned July 4-9 OB and LH TL combined support areas await.

A 1 to 2 risk reward setup buy trade with the following details:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Personally, I still see the AUS200 bulls are likely to send the index’s price higher this year.

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

AUS200 Intraday Analysis and Trading Plan For July 22, 2024

Jul 22 2024

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