informedtrades
Long

Going Long AUDCHF as 50 SMA and 200 EMA Converge

FX:AUDCHF   Australian Dollar / Swiss Franc
58 0 2
I had put on the exact same order last week, only to cancel it yesterday as I did not find the price action favorable. Today we have a solid up day, though, so I am putting the same exact order back on as bulls have put up some strength and shown themselves to be interested in defending this level. In hindsight, if I had not cancelled my order from yesterday I would have a position on that is in the money, but I think cancellation was warranted and was appropriately risk averse.

The order is the same as before: long at 8356 based on support and a 61.8% Fibonacci retracement level. Stop at 8316 with a target profit of 8476. I'm risking 40 pips to gain 120, thus giving me a reward/risk of 3.

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