FullTimeTrader
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AUDCHF-bearish bat at strong resistance

FX:AUDCHF   澳元/瑞郎
737 7 22
After a long rally im closing all positions and ready to go short (see related ideas).
The AUD is still strong, i expect some correction here because price is extremely overbought and needs a pullback.

Looking at W1 chart we see price is bouncing from a trendline resistance, stochastics overbought and hidden bearish divergence:


Here at D1 chart:

- bearish bat , price is already reacting to the PRZ
- round level 0.75000
- macd overextended and about to cross
- engulfing bearish candle.

I dont expect a deep retracement so i will be ready to take profits as soon as possible and move SL to BE.

Regards

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).


评论: first and second target hit, moving sl to be
Congratulations for your profit!
It was a perfect trade.
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Thanks for your good plan.
After this trade, will you make long position again?
I'm very interesting in to have super long term long position to gain interest.
Regards.
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FullTimeTrader kayoko.torikawa
Hello, you are right, this pair is recovering from all-time lows. I will be looking to buy looking at price action. Regards
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Agree, but I having 3 target which is 0.71700 , 0.66550 and lastly is 0.62600.. But most probably I will move sl to be once it reach 0.71700 and target at 0.66550. :) Goodluck
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Hello, yes, managing the trade is key, we see price is making a strong decline so we could wait for the target 2 (0.7170) to be reached first. Regards.
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BLKS FullTimeTrader
Ya, agree with that.
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Thank you so much, sir
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