CBMotivation
Long

AUD / CHF - Range bound & ready for LONG?

OANDA:AUDCHF   Australian Dollar / Swiss Franc
This pair has been range bound since April and has been in and out of the range area bouncing off a rising trend line since 2015. RSI is now declining after rejecting the high of the channel for the fourth time and I'm setting a buy order @0.74 with a trailing stop below previous support and the trend line down @0.73 so reduce your leverage to ensure it's within your account management policy, I'm looking for a bigger move out of the channel up @0.76.

Comment: We're still moving down for our entry price @0.73955 where I have a buy order waiting
Comment: Aussie broke straight through the channel and bounced off the long-term trend line, looking for a two-legged pullback to take a Long position.
Comment: This is what the pullback will look like, it's already tested the low and held it twice, two legs, now I want the final pullback to hold on the 1H timeframe, but I want to see a bullish signal on 4h and daily as well, it's not impossible to break through that trend line and continue to the downside.

Comment: This will pullback to support now

Comment: Trade is still active and going sideways and after nearly a few weeks, now at breakeven

Comment: This thing has not moved for a month.... YAWN!

Comment: We're actually starting to move north, only taken a month.

@CBMotivation in which timeframe do you expect de two legged pullback?
Reply
@dr90210, see above.... I enter using 15m. but I use daily, 4h and 1h to look for the signal
+1 Reply
dr90210 CBMotivation
@CBMotivation, I see. Thank you very much!
Reply
@dr90210, Or you can set a limit order for that price with a stop well behind structure, there is a high probability of it being filled and the trade becoming bullish, but I like to see a confirmation before I trade to reduce the potential risks.
+1 Reply
dr90210 CBMotivation
@CBMotivation, thanks for the advice! I will check it! Thanks for the updates!
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Looking forward to seeing how this goes :)
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CBMotivation nooz100191
@nooz100191, I'll be doing many more of these type of ideas.
+1 Reply
nooz100191 CBMotivation
@CBMotivation, me being a noob, these ideas are much easier to follow and understand. Good place to start for me personally so appreciate it!
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