Has AUDCHF found its bottom?
It seems like AUDCHF has found its bottom at the psychological level of $1.6500 when buyers came in at this level and pushed price up to $1.6800. It seems like this pair loves its 00 as price is now dancing around 1.6700. Even though the trend on the long term TFs are down, I have already started to see a slight shift in trend on the H1 and H4 to the upside. Based on this reasoning, I've decided to take a counter trend approach. Here's what I'm going to do:
Long AUDCHF at the market: $1.6705
SL: Based on RR Ration
TP: Long Term TP at $1.73050
Long AUDCHF at the market: $1.6705
SL: Based on RR Ration
TP: Long Term TP at $1.73050
Trade active
I entered at the market.Note
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Adjusted SL to $0.6745 just in case the tide turns to lock in profits. Risk free trade. I’ll continue to monitor the fundamentals.Trade closed: stop reached
My adjusted SL got hit after disappointing employment data out of Australia.
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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.