AUD/CHF Long-Term Trend: Bearish
Key Resistance Levels: 0.6705, 0.6749, 0.6854
Key Support Levels: 0.6623, 0.6539, 0.6479
The price on the higher time frame has recently started a downtrend after forming lower-high candles. There are a few rejection wicks seen and the price broke a support level of 0.6825 with good momentum. It has sustained below that point and the bearish bias looks strong.
AUD/CHF Medium-Term Trend: Bearish
On the lower time frame, the pair is moving in the major trend’s direction. The price broke to the downside and then consolidated between the range of 0.6749 and 0.6705 for some time. The lower range has been broken and retested. The price is continuing the momentum again.
Sell Limit Order @ 0.6680
TP 1 @ 0.6606
TP 2 @ 0.6458
Stop Loss @ 0.6754
Trade Safely 🙂
Hi Pat, may I know with your strategy, do you open 2 positions respectively for TP1 and TP2? Let’s say your signal hit TP1, do we set entry to breakeven and let it run for TP2? Please advice. Thanks!
The idea is to have partial exits at both the target points and it is up to you if you want to open two positions or want to set two partial TP for one position.
Hi Vipul, I really appreciate you taking the time to reply. But may I know how do you set partial TP on one position? Sorry I’m fairly new to this.
You can take two different positions and set TP for each one for eg. if you want to take 1 lot you can take two trades of 0.5 lot or as you prefer. It is also possible to place partial TP for one trade, you can google it to know more.
Have a good day.