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 :)
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:
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.
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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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.