AUDCHF Short, low risk for a huge potential return.
Entry : Top of the downtrend line
Stop Loss : Above the previous high point which shouldnt be higher than approximately 0.20%
TP : Anything above 0.40% profit in order to fullfill a 1:2 Risk Reward ratio, for those that dont like leaving pips on the table, a great potential take profit zone would be around the bottom of the previous crash (1D), which would result in an approximate 1.30% - 1.60% profit, considering you're only risking 0.20% (SL), the risk reward is truly great. Keep an eye on the trendline, if the channel gets broken downwards, continue holding your position all the way to the previously mentioned crash area, if it bounces, set a stop loss at break even, or take profits if you're not feeling like taking a potential risk for bigger returns.
Bonus : 1# - 4HR bullish wick, might scare some people off from shorting, but all it signals to me is that we're going upwards to touch the trendline and not more BECAUSE #2 - 1D wick is EXTREMELY bearish and shows a whole lot of retracement and it doesnt take a lot to figure out which one of the two time frames is more credible.
Keep in mind that the entry level might not even be reached, but if it will continue trending upwards, that would be the target entry for a short, regardless of whether or not it reaches the said level, the overall direction for this pair continues to be DOWN / SHORT / BEAR strictly due to the 1D wick and a overall bearish downtrend on the chart.
Stop Loss : Above the previous high point which shouldnt be higher than approximately 0.20%
TP : Anything above 0.40% profit in order to fullfill a 1:2 Risk Reward ratio, for those that dont like leaving pips on the table, a great potential take profit zone would be around the bottom of the previous crash (1D), which would result in an approximate 1.30% - 1.60% profit, considering you're only risking 0.20% (SL), the risk reward is truly great. Keep an eye on the trendline, if the channel gets broken downwards, continue holding your position all the way to the previously mentioned crash area, if it bounces, set a stop loss at break even, or take profits if you're not feeling like taking a potential risk for bigger returns.
Bonus : 1# - 4HR bullish wick, might scare some people off from shorting, but all it signals to me is that we're going upwards to touch the trendline and not more BECAUSE #2 - 1D wick is EXTREMELY bearish and shows a whole lot of retracement and it doesnt take a lot to figure out which one of the two time frames is more credible.
Keep in mind that the entry level might not even be reached, but if it will continue trending upwards, that would be the target entry for a short, regardless of whether or not it reaches the said level, the overall direction for this pair continues to be DOWN / SHORT / BEAR strictly due to the 1D wick and a overall bearish downtrend on the chart.
Trade active:
Position entered : 0.67934