Here is another setup to enter short for those who are not already short in the earlier setup, once the price breaks below the corrective structure. Downside potential in this pair is huge.
there is a big trendline which can clearly see in weekly tf and indicates that downtrend still be a ruler. as you can see, the price dropped down and went back to test this key resistance and got rejected beautifully,for this reason it has high probability that the price is going to drop to next level very soon. also this trade has good reward/risk, its worth...
AUD/CHF has formed nice 2nd 123 setup on strong structure! Reasons for short are on chart, While writing this idea price already droped quiet a while...So you might have late entry... For engulfing pinbar you should check it by yourself because on this idea chart is not visible so much! Stop loss is set to 1.5 ATR. 1st take profit is set to retest 2nd one to FE...
FX:AUDCHF BAT : Point B: 38.2% to 50% XA Point C: 38.2% to 88.6% AB Point D: 88.6% XA Targets: TP1 38.2% AD TP2 61.8% AD Safe Trades
FX:AUDCHF Eventual Bearish Bat Pattern: Short @D Point B: 38.2% to 50% XA Point C: 38.2% to 88.6% AB Point D: 88.6% XA Targets: TP1 38.2% AD TP2 61.8% AD Ratios: Safe Trades;
Bearish Butterfly Pattern & Supply Zone
The pair has broken out its range + channel. Confluences: 1/ Downtrend 2/ Retest of 0.71 ( support turned into resistance ) 3/ Retest of the broken channel 4/ Long legged doji, can also be looked at as a high test
a Break Below this would open doors to flag take profit level plotted on chart happy trading Take PRofit Hit Enjoy
PRICE RETRACED UP TO MY SELL ZONE FORMING PIN BAR THEN SLAMMING RIGHT BACK DOWN. ALSO IN CONFLUENCE WITH THE 61.8 FIB FROM THE DOUBLE TOP. RBA STATED THE CURRENCY IS STILL OVERVALUED AND NEEDS TO BE LOWER SO THIS SHOULD WEIGHT ON AUD WHILE CHF HAS GAINED STRENGTH MOST LIKELY BECAUSE ITS A SAFE HAVEN CURRENCY.
The Aussie Dollar continues to be very weak and the Swiss Franc continues to be strong. 4 Hour Chart: Current Price: 0.7937 Resistance: 0.8028, 0.8129 Support: 0.7922, 0.7824 The latest bar on the 4 hour shows a solid sell off because of the small wick and large body. The last 4 bars were bearish (though one was close to being a doji, possibly related to news)...