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Akil_Stokes
Jul 22, 2014 11:01 AM

GBPCHF Bat Pattern Retesting Previous Structure HIgh's Short

British Pound/Swiss FrancFXCM

Description

I've been a bull on this pair over the last month or so but now I've got a short opportunity on my radar looking at a retest of previous structure highs on the daily. As a counter trend trader it's important to realize that I'm not looking for the big long-term move, simply a brief correction.

If this correction rolls over more than expected there's a 2nd potential bat pattern down at our previous structure lows giving true trend continuation traders an excellent spot to get involved with an outstanding risk/reward.

*Had issues posting them together but check out my ideas for the daily view of this chart relating to my comments*
Comments
fxoutlier
Got big bearish divergence on my 240m macd lining up with that bearish bat.
Akil_Stokes
Sweet, the more confirmation the better!
EWA
Akil_Stokes
If the trade meets your rules then yes.
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