Price made a bullish run and met resistance before the Swiss Franc pulled back bearish (50% fib level) to the point of support where price is currently trading. From this level, price has the potential to move Bullish to the price level i have marked with the green horizontal line which is 100% of the 50% fib retracement.
Entry - Grey line
Stop loss - Red line...
To me it looks like CHF want to go and fill in that big gap just like the EUR already did.
Reasons for it to back up this idea:
- Well Gaps like to be filled most of the time
- HTF Bearish MS now testing the 4h -OB
- You say they ran stops above that 4h ob tight before we dumped so that is bearish
- Stops ran on the 1h double top (you would see it better on...
I like this set-up. Factors influencing me are:
Bearish Bat Pattern (Purple)
Bearish Butterfly Pattern (Blue)
RSI Overbought
Negative Divergence in RSI (RSI making higher high while price making lower highs (dark blue lines))
Trendline from the recent highs
I have set a a limit order at 1.0026 for the completion of the bat pattern and will keep it as long as...
