Potential Buy after 4H confirmation
Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
AUDCHF retraced to 0.70494 price level corresponding to the 78.6% fibonacci retrace on the daily charts
Consulting the Commitment of Traders reports last Tuesday, AUD has 4066 positive net positions whereas the Swissy has 4269 negative net positions. AUD is getting stronger whereas Swissy is getting weaker
As the daily uptrend looks forthcoming, I’m looking at long opportunities
Entry rule: 4H chart should confirm that the bullish retrace had turned bullish with MACD above zero and the price going above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI went above the 50 signal line
Potential Entry
For highest probabilities, take a long after price goes above the 38.2% fibonacci retrace. Ensure that you confirm the entry with the rules stated above
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
AUDCHF retraced to 0.70494 price level corresponding to the 78.6% fibonacci retrace on the daily charts
Consulting the Commitment of Traders reports last Tuesday, AUD has 4066 positive net positions whereas the Swissy has 4269 negative net positions. AUD is getting stronger whereas Swissy is getting weaker
As the daily uptrend looks forthcoming, I’m looking at long opportunities
Entry rule: 4H chart should confirm that the bullish retrace had turned bullish with MACD above zero and the price going above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI went above the 50 signal line
Potential Entry
For highest probabilities, take a long after price goes above the 38.2% fibonacci retrace. Ensure that you confirm the entry with the rules stated above