ATM USDCHF is in a valid downtrend according to my point of view.
This defined by lower highs and lower lows as to the 1,2,3 pattern in the cahrt.
I'm looking forward the USDCHF to finish consolidation in the area of the FIB-Level 0.382 (apporx. 0.91531)
This area is also a former Support level which as been broken and will be retested.
I await that PA will...
ATM USDCHF is in a valid downtrend according to my point of view.
This defined by lower highs and lower lows as to the 1,2,3 pattern in the cahrt.
I'm looking forward the USDCHF to finish consolidation in the area of the FIB-Level 0.382 (apporx. 0.91531)
This area is also a former Support level which as been broken and will be retested.
I await that PA will...
At the moment the PA is narrowing down inside a Triangle.
We are waiting for a break and a retest of the formation. this could happen to the LONG or SHORT side.
For me it is more likely that PA will break to the upside to continue the impressive uptrend.
Currently the PA is in between the outside candle from 18.09.2013.
A break of this range would imply that the Uptrend will continue.
As a candle will close above the close of the outside candle (approx. 0.83826) i will go LONG with the SL just a view pips below the Range (approx. 0.82069).
The TP will be placed at 0.89101 giving me a Risk-to-Reward ratio of 1:3.
After Price finished consolidation between Fiv.Levels 0.382 (1.59406) and 0.618 (1.57439) and moves back above the EMA13 i would suggest to go LONG and open the Position with 1/3 of the normal size according to your money management.
The SL should be placed a few pips below the singlow.
As the PA crosses above the Fib-Level 0 (1.62589) i would suggest to add the...
PA has formed a bullish 1,2,3 Pattern.
At the break of Point 2 (0.95284) i would suggest to go long with a SL just below the point 3 (0.92665)
I would recommend to use a trailing stop as new points 2 and 3 are forming and confirmed.
PS: Maybe an Admin can change the Title. By mistake I was writing GBPUSD instead of AUSUSD. Sry folks
