BrianSoh
Long

USDCHF Bullish Gartley on daily chart

FX:USDCHF   U.S. Dollar/Swiss Franc
The USDCHF             pair has been doing lots of harmonics recently. After the most recent down leg, a retracement should be in order.

The entry signal is a completed bullish Gartley pattern on the daily chart , in confluence with a 1.27 retracement of a nestled bat pattern , and a 61.8 retracement of an imperfect Crab before that. It is reinforced by the inverted hammer candle one day prior.

Despite price recently breaking a significant support line in effect since August 2015, the anticipated move up is in line with the greater trend since end December 2014; it is possible that price will exceed the 1.030 high set at the end of November 2015.

Stop loss can be placed around the 0.9500 level: 1.618 bat, around 1.00 Gartley (also 1.23 extension of AD leg), and 78.6 of imperfect Crab pattern just prior.

Conservative profit target at 38.2 Gartley AD leg (about 0.99196), with a more aggressive one at 0.618 (1.00741). If you want, you can scale out by halves or thirds and shoot for the moon.

Risk-reward ratio anywhere from 1:2 and up. Just pick something healthy.

All the best!
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