Bears have successfully broken July 25 lows on Friday sending the price lower after a failed attempt to reclaim it. AUS200 is now trading in a new down wave with flipped supply and demand structures.

As a result, my August 2’s short trade has exited in another profit:

https://www.finlogix.com/analysis/20240802/aus200-intraday-analysis-and-trading-plan-for-august-2-2024

Due to a technical issue last Friday, the correct take profit should be 2.52%.

An updated overall win-loss record of 4-9.

There are 4 Australian high impact economic reports this week starting tonight.

Re-assessing AUS200’s high timeframe candles:

Yearly Candle: Last check is a Green Long-Legged Spinning Top now a Green Long-Legged Semi Doji

Monthly Candle: Still a Red Body since last check but with a Longer Tail Wick

Weekly Candle: Previous close is a Red Long Upper Shadow with a Medium Body current is a Red Long Lower Shadow

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Semi Doji

In today’s analysis, I will be using July 25 to August 1 swing low to high moves as the new retracements’ points of view.

Accordingly, AUS200 continued its bearish price action after achieving a new record high last week.

With the help of 2 holding 4H bearish FVGs mentioned previously, the sellers were able to push the index even lower breaking July 25 lows and turning it into a resistance which I’ve indicated in a flipped S/R note above.

This week’s further weakness has been shown causing a sell side liquidity run that swept the external lows in May, June and July.

However, May 1-2 order block stepped in to stop the price from further bleeding creating a new swing low area that aims to re-test the flipped S/R level.

Today’s trade plan is to set a long limit order to the retracement points’ 1.618 bearish extension level potential support re-test with a take profit aim at 7750 only while a stop loss set at 7500.

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

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

AUS200 Intraday Analysis and Trading Plan For August 6, 2024

Aug 06 2024

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