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.
Website: http://www.UKForexSignals.com
Instagram: http://www.Instagram.com/UK_Forex_Signals
Instagram: http://www.Instagram.com/Tom_Hall_Official
Twitter: http://www.Twitter.com/Tom_H_Official
StockTwits: http://www.StockTwits.com/TomHall
Facebook: http://www.Facebook.com/UKForexSignals
nice set-up,u have eyes
Reply
TomHall TOP mrsuccess
Thanks very much.
Reply
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
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
AO is very good with the right amount of bars per wave.
Reply
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.
Reply
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 ;)
Reply
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.
Reply
IvanLabrie PRO FullTimeTrader
Good idea.
Good luck to us all with these aud-nzd longs btw ;)
Reply
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
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out