Hey everyone, just here for a quick trade opportunity on AUD/CHF. This is a really short and quick analysis, so act fast.
Elliottwave analysis: It appears that we are stuck in some sort of triangle. we have just finished our wave C and are about to start the wave D to the upper boundary. For the target, I will be using the upper boundary line, and for the stop loss I will be using the lower boundary line.
RSI analysis: The bullish divergence on the 1 hour RSI is telling me that we have most likely hit the bottom for the wave C and we are headed up to make the wave D.
MACD analysis: The MACD analysis for the one hour is also telling me a similar story as the one hour RSI. we are seeing bullish divergence, and in addition to this, we have literally JUST seen a cross and are headed towards the positive side. Something interesting I have found, is that on the one hour macd, we have formed a triangle. I don't know the significance of this, besides the fact that if we break out of the upper boundaries, we are headed pretty far up.
All in all, I would consider taking this trade. It presents a 4.4:1 risk to reward.
The trade setup is as follows:
Target 1: 0.6655
Stoploss: 0.64956
I might consider getting out once I have secured a 2% profit, but I will let you guys know. I am not a fan of holding positions for very long, but for now this is my trading plan.
Elliottwave analysis: It appears that we are stuck in some sort of triangle. we have just finished our wave C and are about to start the wave D to the upper boundary. For the target, I will be using the upper boundary line, and for the stop loss I will be using the lower boundary line.
RSI analysis: The bullish divergence on the 1 hour RSI is telling me that we have most likely hit the bottom for the wave C and we are headed up to make the wave D.
MACD analysis: The MACD analysis for the one hour is also telling me a similar story as the one hour RSI. we are seeing bullish divergence, and in addition to this, we have literally JUST seen a cross and are headed towards the positive side. Something interesting I have found, is that on the one hour macd, we have formed a triangle. I don't know the significance of this, besides the fact that if we break out of the upper boundaries, we are headed pretty far up.
All in all, I would consider taking this trade. It presents a 4.4:1 risk to reward.
The trade setup is as follows:
Target 1: 0.6655
Stoploss: 0.64956
I might consider getting out once I have secured a 2% profit, but I will let you guys know. I am not a fan of holding positions for very long, but for now this is my trading plan.