Multi Time-frame Analysis for AUDCHF

Mind you, this analysis is going to be long as we will be analyzing the trades with multiple time-frames starting from the monthly time-frame and working our way down to the 1 hr time-frame.
Let's start. Shall we?

MONTHLY TIME-FRAME

You can see that price has never gone below the support level at 0.65027. In-fact there are already signs of price rejection from the support level. We are therefore looking to go long in the long term.

WEEKLY TIME-FRAME

Coming down one time-frame lower, you can see a huge price rejection off a weekly key support level 0.65027. This in itself is a strong bearish reversal signal. The fact that it is coming off a key support level makes it more relevant.

DAILY TIME-FRAME

Can you see the huge bullish engulfing pattern i pointed out in the rectangle coming off a key level we carried over from the weekly time-frame. Be patient, we will soon be there. I will be pointing out ideal entry, stop loss & take profit levels from the 1 hr and 4 hr time-frames.

4 HR TIME-FRAME

The 0.66974 level is a very crucial are of interest We should be looking to make a buy entry here cos i feel price will come back to retest it before continuing on the uptrend. Let's confirm by bringing in the fib retracement tool. Shall we?

You can see the 23.6% retracement level agrees with the projection. So, 0.66974 is an ideal entry level for a buy trade. I guess you get the point now so no need going to the 1 hr time-frame.

So in conclusion.

AUDCHF BUY
ENTRY: 0.66974
STOP LOSS: 0.66835
TAKE PROFIT 1: 0.67832
TAKE PROFIT 2: 0.68858
TAKE PROFIT 3: 0.69883

Kindly let me know your thoughts about this analysis. Thanks a lot.

ความคิดเห็น:

Set stop loss for this trade to 0.66451 instead. I feel that is safer & more prudent.

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