Note
-AUDCHF showing signs of reversal after buyers pushed price up into resistance but sellers pushed down and engulfed the whole 4H bullish candle.
-This price action resulted in a 4H bearish engulfing AT RESISTANCE which is a bearish sign meaning sellers may be stepping in the market.
-We retested the engulfing (breakout on lower time frames) and rejected higher price again confirming bearish momentum.
Entry
-0.71 or above
Stops and Targets
-Set stop above the high of the reversal candle with some buffer
(SL: 0.7132)
-Set target 2 times your stop depending on entry
(TP: 0.708 to 0.7035)
*Always practice good risk management by risking a maximum of 1% to 2% of your capital on any given trade
-AUDCHF showing signs of reversal after buyers pushed price up into resistance but sellers pushed down and engulfed the whole 4H bullish candle.
-This price action resulted in a 4H bearish engulfing AT RESISTANCE which is a bearish sign meaning sellers may be stepping in the market.
-We retested the engulfing (breakout on lower time frames) and rejected higher price again confirming bearish momentum.
Entry
-0.71 or above
Stops and Targets
-Set stop above the high of the reversal candle with some buffer
(SL: 0.7132)
-Set target 2 times your stop depending on entry
(TP: 0.708 to 0.7035)
*Always practice good risk management by risking a maximum of 1% to 2% of your capital on any given trade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.