FullTimeTrader
Short

AUDCHF-bearish bat at strong resistance

FX:AUDCHF   Australian Dollar/Swiss Franc
736 7 22
After a long rally im closing all positions and ready to go short (see related ideas).
The AUD is still strong, i expect some correction here because price is extremely overbought and needs a pullback.

Looking at W1 chart we see price is bouncing from a trendline resistance, stochastics overbought and hidden bearish divergence:

snapshot

Here at D1 chart:

- bearish bat , price is already reacting to the PRZ
- round level 0.75000
- macd overextended and about to cross
- engulfing bearish candle.

I dont expect a deep retracement so i will be ready to take profits as soon as possible and move SL to BE.

Regards

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).


Comment: first and second target hit, moving sl to be
Congratulations for your profit!
It was a perfect trade.
Reply
Thanks for your good plan.
After this trade, will you make long position again?
I'm very interesting in to have super long term long position to gain interest.
Regards.
Reply
FullTimeTrader kayoko.torikawa
Hello, you are right, this pair is recovering from all-time lows. I will be looking to buy looking at price action. Regards
Reply
Agree, but I having 3 target which is 0.71700 , 0.66550 and lastly is 0.62600.. But most probably I will move sl to be once it reach 0.71700 and target at 0.66550. :) Goodluck
Reply
Hello, yes, managing the trade is key, we see price is making a strong decline so we could wait for the target 2 (0.7170) to be reached first. Regards.
Reply
BLKS FullTimeTrader
Ya, agree with that.
Reply
Thank you so much, sir
Reply
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