watch out for signs for change on the bear run. thou signs are that it will move down a bit but soon we should get a good move up.
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this AUDCHF chart analysis is a trade ideas for two trades and a educational example
how to analyse this chart and how to trade it.
It hope it makes sence for you guys.
Have a good trading week.
Your Stefan Forex
The AUDCHF daily chart shows that the decline from Dec 2018 high to Jan 2019 low took the shape of a textbook five-wave impulse in wave (a) in red.
The Elliott Wave theory states that a three-wave correction in the opposite direction follows every impulse. In AUDCHF’s case, wave (b) in red looks like a w-x-y double zigzag retracement.
Waves (a) and...
We see the formation of 2 harmonic shark patterns, big (blue) and small (pink). This signaled us to buy trading the 4th leg of the shark patterns. The small one completes @ 0.7109, which is our target and where we will close our position in profit. OANDA:AUDCHF
We see the formation of a butterfly pattern on the 4 hr chart which signaled us to take a position and trade the 4th leg of the pattern. The position has already moved as predicted and hit our first take (first green zone) and we are still targeting the second green zone where we set our second take profit @ .71699. FX:AUDCHF
There is serious support right now We have been supporting this already 4 times and the price has not been able to break, Our recommendation is not to predict the next big step but simply to take advantage of the automatic increase that was due to a meeting with the support
Stop Loss: 0.7075
Take Profit: 0.7115
AUDCHF broke a big rising wedge on the daily timeframe. Following that we see a head and shoulders pattern that its likely to break. Expect price to move towards the final target (blue box), if we break the head and shoulders.
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Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.