AUDCHF has been on an uptrend and completed a bearish bat around a trendline resistance. So far, price has been rejected at the potential reversal zone. Also, an RSI bearish divergence is seen. Upon confirmation of the bearish bias, I will go short. Stop loss is just above the X point while the take profit target is set at the 38.2 Fibonacci retracement level of the AD leg. Trade details are as follows:
Trade Setup: Bearish Bat
Price Entry 0.73418
SL 0.74068 | SL pips 65.0
TP1 0.71638 | TP1 pips 178.0
RRR1 2.74
Trade Setup: Bearish Bat
Price Entry 0.73418
SL 0.74068 | SL pips 65.0
TP1 0.71638 | TP1 pips 178.0
RRR1 2.74
Order cancelled:
Price did not retrace to D point and almost hit TP1. (November 20)