AUDCHF Short 8.21 Quadruple Top to the Bottom?

25 Ağu 2018

Found this setup on the 1H time frame right before drop happened. I saw this nice descending quadruple top shape forming with a firm bottom respect of the .72582 level. Price was also respecting an ascending trend line drawn on the 30 min time frame. The convergence in price led me to believe that this setup was a potential low risk/high reward if the .72582 level was broken to the downside. My analysis on the 1h time frame also coincided with price being unable to break the kumo cloud on the 4h time frame and thus begin its way to the downside. My first target was the end peak of the 4h kumo cloud, around the .7231 level. TP2 I wanted price to break the kumo cloud and shoot for previous weeks lows. (wicks to the left waiting to get filled).

Entry: .72631
SL: .7300
TP1: .72158
TP2: .71752