AUDCHF: Potential Short Position
Considering a potential short position on AUDCHF if a bearish pinbar forms on the H4 chart. The plan is to use a STOP order on the H1 chart to enter the trade, allowing us to ride the trend lower if it continues, while avoiding execution if the trend doesn't persist.
I still anticipate an uptrend for AUDCHF on the larger time frame, so a shift to a buy position will be considered later. This short position is intended for a short to medium-term period only.
I still anticipate an uptrend for AUDCHF on the larger time frame, so a shift to a buy position will be considered later. This short position is intended for a short to medium-term period only.
Trade closed: target reached
Took profit at 30 pips.
There's some resistance at around 0.56570 where there's confluence of 2 Fibo levels. Breaking below this, we can expect to see it go to the monthly pivot as marked.
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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.