AUDCHF H4 - Double Bottom Formed, Neckline Pullback Entry
A DOUBLE BOTTOM has formed on 4 hour chart of the
AUDCHF
.
We noticed this a tad late and have already had a break of the neckline resistance at 0.76630. Sometimes if we miss an opportunity to enter on the break, we can catch the entry on a dip off the broken neckline. Many times there will be a pullback towards the previously broken neckline - which we can see represented in the shadow of the final 4 hour candle this week. There was some downward pressure looking to get back to that resistance point.
Here is the set-up:
ENTRY
Place a BUY LIMIT ORDER around 0.76635 to be ready for a pullback and bounce.
STOP
We can see that 0.76000 offered some good support - so 0.76000
TARGET
Target #1 - 0.77090
Final Target - 0.77410
SUMMARY
We believe that
AUDCHF
is BULLISH in the near term. So if we get a dip then buying on this pullback seems like a good opportunity.
AUDCHF
. We noticed this a tad late and have already had a break of the neckline resistance at 0.76630. Sometimes if we miss an opportunity to enter on the break, we can catch the entry on a dip off the broken neckline. Many times there will be a pullback towards the previously broken neckline - which we can see represented in the shadow of the final 4 hour candle this week. There was some downward pressure looking to get back to that resistance point.
Here is the set-up:
ENTRY
Place a BUY LIMIT ORDER around 0.76635 to be ready for a pullback and bounce.
STOP
We can see that 0.76000 offered some good support - so 0.76000
TARGET
Target #1 - 0.77090
Final Target - 0.77410
SUMMARY
We believe that
AUDCHF
is BULLISH in the near term. So if we get a dip then buying on this pullback seems like a good opportunity.
Trade active:
Larger pullback than expected but seems to be heading back on track for our mid term play.
Comment:
Target #1 coming into sight, just need another push up over the next few sessions.
Comment:
Target #1 Reached.
Closed out 60% of our OPEN LONG position and moved SL to just above break even.
We will look to close out 50% of our remaining position on a touch of 0.77270 and leave the other 50% to ride and trail with a 30 pips trailing stop.
Closed out 60% of our OPEN LONG position and moved SL to just above break even.
We will look to close out 50% of our remaining position on a touch of 0.77270 and leave the other 50% to ride and trail with a 30 pips trailing stop.
Comment:
Move STOP LOSS to 0.76785
Protect little bit of profit.
Protect little bit of profit.