EURCHF (60 min): Bullish Bat pattern in the making
After looking through couple of charts, I have identified an interesting Bullish Bat Pattern. Now I usually stay away from the CHF pairs (mostly because of the nightmare that I saw in that drop... wasn't part of it so I wasn't financially hurt by it at all). But when I see harmonics matching levels of structure with Fib ratio confluence... bells start ringing in my head :D
Here is what I see:
(1) The pattern completes right at a level that has been recent support/resistance (green dashed line with circles identifying the touches).
(2) The pattern also has a 2 BC and 1.618 AB close confluence which makes up the PRZ (purple rectangular region).
(3) I have set my first target to be somewhat below the 0.382 retracement because of the main resistance level (blue dashed line)
(4) If it breaks this level, then I will look for a 0.618 retracement target (orange dashed lines)
Trade wisely, Trade Responsibly
Here is what I see:
(1) The pattern completes right at a level that has been recent support/resistance (green dashed line with circles identifying the touches).
(2) The pattern also has a 2 BC and 1.618 AB close confluence which makes up the PRZ (purple rectangular region).
(3) I have set my first target to be somewhat below the 0.382 retracement because of the main resistance level (blue dashed line)
(4) If it breaks this level, then I will look for a 0.618 retracement target (orange dashed lines)
Trade wisely, Trade Responsibly