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.
Become an Affiliate:
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.
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.
+2 Reply
TomHall TOP FullTimeTrader
I have never looked into trading elliott waves, however it is good to hear there is more confluence at the level.
Best of luck.
IvanLabrie PRO FullTimeTrader
AO is very good with the right amount of bars per wave.
FullTimeTrader IvanLabrie
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.
IvanLabrie PRO FullTimeTrader
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 ;)
FullTimeTrader IvanLabrie
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.
IvanLabrie PRO FullTimeTrader
Good idea.
Good luck to us all with these aud-nzd longs btw ;)
nice set-up,u have eyes
TomHall TOP mrsuccess
Thanks very much.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out