LewisGlasgow

NZD/CHF - Bullish Bat (Back to Back)

Long
OANDA:NZDCHF   NZD/CHF
What's going on traders, I hope you've all had an excellent week. I'm bringing you an opportunity to keep on the watch list, today we have NZD/CHF on the 4h chart with a bullish bat pattern.

It's a back to back setup as price previously formed a bearish bat pattern which almost hit SL at 1.13 of XA, price reversed and achieved TP 1 and 2.

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
XA Retracement: 0.886

We're looking at a 1.272 AB=CD , 2.24 BC and 0.886 XA in the PRZ for this particular setup.

I'll update my analysis once all ratios have been tested in the zone! Have a great weekend :)
Comment: Price has now fully tested the PRZ as predicted at the beginning of June.


1.272 AB=CD, 2.24 BC projection and 0.886 XA retracement.

Support is holding well, I'm waiting for the next few candlestick formations before executing.
Comment: Looking for a breakout to confirm the reversal at the PRZ.

Comment: Price has broken the support trendline, we may see further downside.

Attention has now turned to AUD/NZD on the 1h.

This is still a valid trading opportunity, I'll be monitoring closely.
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Comments

We are waiting for your btcusd analysis Sir
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Hi Lewis .Is it good idea to put pending order on 0.68100?
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LewisGlasgow MASOOD1364
@MASOOD1364, hey, good to hear from you :) I'd wait to confirm the close above the trendline, best to analyse in real time and we can then go long.

Currently looking at other timeframes to confirm the reversal.
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MASOOD1364 LewisGlasgow
@LewisGlasgow, thank you so much for explaination and for sharing your idea
+1 Reply
LewisGlasgow MASOOD1364
@MASOOD1364, you're welcome man!
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welcome bck, missed ur fx charts
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@TAJIR_B, thank you man :) will be posting more frequently!
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