Bullish reversal. AUDCHF. Long already 1hr into Asia
Updated
I did not muck about on this one. Price lifted not long after the open to a higher high. AUDCHF is in a longterm downtrend as seen here in the weekly chart, so you would be forgiven for thinking I had rocks in my head. But an instrument has to turnaround at some point right.
Anyway I will break it down with more charting and keep you posted on the ongoing analysis.
Trade active
Look to enter this trade on market price or wait for a pullback.
Mental stop I use. Regular checks. But at least you wont be stopped out. Close your trades when your're ready.
Note
I am not concerned about price coming in just under the 200EMA on the daily.
Even 1% or more down at the start of a massive reversal trade, what tends to happen from my experience in trading, is that the big-bank-traders will be aware of such a reversal move brewing and they will bet against the idea or hedge the trade to shake out retail traders right at the very start. The number of times this would happen in my earlier years of trading, only to look at the trade later in the week or fortnight or even month and yep, my idea was sound I just got shaken out. I am staying long. Every intraday chart is bullish, but right now the 1hr and 2hr charts offer some little profit for bears on AUDCHF, but what holds the most weight and importance is the Daily chart, Weekly chart, Monthly chart and even the 3 Month chart overwhelming bullish. Check-mate.
Note
Order cancelled
I stuffed up here completely.
Analysis paralysis.
I was always meant to be on the SHORT SIDE right from the start.
My proof is the MACD bearish. Its not the first time this has happended. Writing analysing charts and the mind forgets which side you were initially on.
I take cues on this sort of thing purely from macd (initially). its bearish big time.
My sincerest apologies if you went long like i did.
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