GBP/CHF - Bearish Bat Short

British Pound/Swiss FrancFXCM

Description

⋅ Apr 13, 2017 2:59 PM

Hello traders, here we have GBP/CHF with a bearish bat pattern on the 4h chart.

Excellent opportunity with over 1:4 risk to reward.

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

The D point formed on a major level of resistance, I'm expecting price to sell-off very shortly.

Taking a look at the bigger picture (chart is shown below) this trade is a no-brainer for me.

Everyone in my Telegram channel has been alerted on this position.

Don't forget to follow me on social media :)

Comments

Walentine

⋅ Apr 18, 2017 8:05 PM

stop hit!

LewisGlasgow

⋅ Apr 18, 2017 8:07 PM

@Walentine, GBP news, ruined the setup.

Chard786

⋅ Apr 19, 2017 8:25 AM

Any idea for this pair sir?

LewisGlasgow

⋅ Apr 19, 2017 9:11 AM

@Chard786, price seems to be stalling at the current level, no ideas as of yet but we should see a short-term decline.

Calamity

⋅ Apr 14, 2017 2:22 AM

this one looks good, uk gonna bankrupt !

LewisGlasgow

⋅ Apr 14, 2017 8:53 AM

@Calamity, thank you!

Walentine

⋅ Apr 13, 2017 9:39 PM

Hello! Can you find me your 4 or 5 setup with targets achieved? I saw your ideas, but I do not find those in profit hit! Thanks

LewisGlasgow

⋅ Apr 14, 2017 8:52 AM

@Walentine, I just provide the ideas, you guys are in charge of managing positions.

It's your choice whether you scale in and out or hold until it hits TP, if you do you'll need to ride it through the waves :)

Remember I'm a swing trader.

BNBInvestments

⋅ Apr 13, 2017 4:45 PM

Hey mate Im in this trade as well, But I have my target a lot higher.. Why are you putting it so low? Can you elaborate on that a little please?

LewisGlasgow

⋅ Apr 13, 2017 4:46 PM

@BNBInvestments, hey man, I'm not using the standard 0.618 take profit level... I'm basing this trade off the daily timeframe.