All,
Similar to the AUD/USD setup I posted, we have yet another AUD setup. Here is why I am going short:
Entry:
1) Lower highs
2) Break and re-test of uptrend channel (Purple channel)
3) Daily chart Price action candlestick pattern is a hanging man
Exit (blue box), Major Confluences:
1) 1.27 fib extensions within the blue box of different swings
2) 50% fib retracement of Dec 2013 swing low to recent Oct 2014 swing high
3) October low
4) .8200, round number
For the above reasons, I am short AUD/CHF. Feedback welcomed.
Similar to the AUD/USD setup I posted, we have yet another AUD setup. Here is why I am going short:
Entry:
1) Lower highs
2) Break and re-test of uptrend channel (Purple channel)
3) Daily chart Price action candlestick pattern is a hanging man
Exit (blue box), Major Confluences:
1) 1.27 fib extensions within the blue box of different swings
2) 50% fib retracement of Dec 2013 swing low to recent Oct 2014 swing high
3) October low
4) .8200, round number
For the above reasons, I am short AUD/CHF. Feedback welcomed.