TomHall
Long

AUD/CHF - Daily - Bat Pattern

FX:AUDCHF   Australian Dollar/Swiss Franc
AUD/CHF - Daily Chart - Bat Pattern


Here on the daily chart of AUD/CHF             we have nice Bat Pattern setup.

With a D leg completion of the Bat Pattern just above historically the lowest price, this structure support should hold and act as a solid reversal zone.

Taking a Fibonacci of the C to D leg gives us a .382 Target 1 at structure resistance, which is a perfect area to take of half of our position and move stops to break even.

On the RSI 1h / 4h and Daily time frames, we have bullish divergence giving us more confluence to look long.

- Stop Loss below X
- Target 1 at .382 Retracement ( Once Target 1 is achieved, half of position taken and SL moved to break even )
- Target 2 at .618 Retracement

Good luck.
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mrsuccess
a year ago
nice set-up,u have eyes
Reply
TomHall TOP mrsuccess
a year ago
Thanks very much.
Reply
FullTimeTrader
a year ago
Agree, i found the same setup using elliott waves. I didnt see the bat because the x leg is different from broker to broker, but the 0.7000 level should hold very well. I prefer also the SL near strong levels of S/R.
AUDCHF-corrective pattern just finishing
+2 Reply
TomHall TOP FullTimeTrader
a year ago
I have never looked into trading elliott waves, however it is good to hear there is more confluence at the level.
Best of luck.
Reply
IvanLabrie PRO FullTimeTrader
a year ago
AO is very good with the right amount of bars per wave.
Reply
FullTimeTrader IvanLabrie
a year ago
Yes, i now its a Bill Williams technique but for now i only want to use the AO to find divergences. There are different trading systems that use EW along with indicators (moving averages, oscillators, etc), i prefer wave counting, fib ratios and divergences.
Reply
IvanLabrie PRO FullTimeTrader
a year ago
Bill's first edition book is quite good. His and Constance Brown's book are great.
I try to avoid thinking of EW too much though, makes me doubt my setups too much and I miss good trades.
This one looks very good btw ;)
Reply
FullTimeTrader IvanLabrie
a year ago
I agree, my goal is to use EW only as a framework and not to go too deep into subdivisions. After having the main picture using EW i will try to use other techniques like harmonics, divergence and technical analysis to enter trade.
Reply
IvanLabrie PRO FullTimeTrader
a year ago
Good idea.
Good luck to us all with these aud-nzd longs btw ;)
Reply
TomHall TOP
a year ago
Trade Update:

Usually we await price to cover 80% of Target 1 before moving stops to break even.
However as this is on the daily, we don't want to give pips away.
Stop loss is now at break even.
Reply
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