DESCRIBED ON THE CHART is the entry for the pair showing entry point. Our protected Stop loss behind the S/R level. The target for the trade. The white arrows indicate what I would expect on the way down. Daily 50 EMA is above the price action currently. The CHF is showing acceleration to the down side against the AUD. Waiting for a proper entry candle or two or three. Then I would enter the trade to the short side. I placed the bottom line in as this is the only point a good reward to risk makes senses. The level between the entry point and the TP level is of concern and may act as support. This level would be a spot to exit the trade if price did look to turn. Its not the best setup due to a possible reward to risk being affected by the in between level. Sitting this one out and waiting for a better setup is always an option. Plenty more trades to come down the track. Plenty of other currency pairs to trade.
Trade closed: stop reached:
At the top level I placed my short entry I could see 4 previous touches which to me validated the level/line I placed. The market didn't agree. The lesson is to zoom out to the wider time frames and see if I missed something price was telling me. I may need to refine the stop loss placement, which is very close to the level I had indicated. The problem with using intermediate levels is that the wider market doesn't see or agree with what your seeing. Absolute key turning points are a better point for entries. You don't take as many trades but you take better quality trades.