AUDCHF (update) - Short based on timeframe agreement
Short trade based on timeframe agreement:
* A strong resistance zone evident on the daily on H4, giving a good reference point for stop loss
* Price overbought on the daily based on linear regression channel
* Signs of bearish price action on higher and lower timeframes (i.e. lower lows and lower highs)
* Stoploss above daily high on 22nd July. A more conservative stop would be above the daily high on the 18th July
* Take profit based on a 1:1 reward to risk
* 2% risk
* A strong resistance zone evident on the daily on H4, giving a good reference point for stop loss
* Price overbought on the daily based on linear regression channel
* Signs of bearish price action on higher and lower timeframes (i.e. lower lows and lower highs)
* Stoploss above daily high on 22nd July. A more conservative stop would be above the daily high on the 18th July
* Take profit based on a 1:1 reward to risk
* 2% risk
Trade closed: target reached:
Closed out slightly early to avoid triple swaps and wider spreads during the Asian session.
