Short setup of AUDCHF at 0.6715-0.6750 with high RR ratio
Technical Analysis:
On the Weekly chart, the pair has been sideways for a while, sell at the top would give me a low risk trade with high reward.
entry 0.6715
stop 0.6750,
target 1 is 1.5 of stop loss, target 2 is 0.6450.
In addition, the downtrend line in cyan blue colour would give more odds on my side.
Basically, it’s a nice structure to place this trade. However, if I got stopped out. I will look for long setups for the pullback.
Plan your trade and trade your plan. Before we pull the trigger, we must know the possible scenarios. Don't focus on the money, instead focus on your trading process. The money will come into your pocket.
On the Weekly chart, the pair has been sideways for a while, sell at the top would give me a low risk trade with high reward.
entry 0.6715
stop 0.6750,
target 1 is 1.5 of stop loss, target 2 is 0.6450.
In addition, the downtrend line in cyan blue colour would give more odds on my side.
Basically, it’s a nice structure to place this trade. However, if I got stopped out. I will look for long setups for the pullback.
Plan your trade and trade your plan. Before we pull the trigger, we must know the possible scenarios. Don't focus on the money, instead focus on your trading process. The money will come into your pocket.
Trade active
As planed, the trade is active now.Note
after two days, our target 1 got it as planned. As mentioned in my plan, target 1 is 1.5 stop zone which is 52.5 bps. As we took some profit, it would ease our mind.Note
Price created a new lower low on the 1H chart. Stick to the original planSorry for not being able to show it on the 60m Chart. I just upgraded my account two days ago.
Note
Finally, the pair goes as I expected. It's been a while but waiting is worthy. Normally, we have to wait for weekly setups. What to do next? You may trail your stops to control your risks.
plan your trade and trade your plan
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
plan your trade and trade your plan
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.