Beautiful Bat pattern with a nice risk/reward profile. TP1 lines up perfectly with old structure level.
Stop loss: 0.6969 ;)
First target: 0.68740 @ fib 38.2%
Second target: 0.68530 @ fib 61.8%
Looking at a Gartley pattern on the EURAUD that completes at a major structure level.
The level has been hit several times (it goes way back, beyond what i can fit in the picture) and the price has turned and bounced many times.
This time along with a Gartley pattern completion.
We have a nice 1:2 risk/reward on the first target and more than 1:3 on the second...
The red line is a major support level that the price has bounced off of multiple times. We have broken through and made a new lower low followed by a retest of the support, which has now become support. Let's see if we can move south from here and grab some pips!
The USDCAD had been trading in a channel for some time and we just got a break out to the downside. What we want to do now is essentially wait to see if the price rises again to retest the channel before it continues heading south. If the prices bounces up and then closes below the closest red line, this could be a good place to go short. Keep your eyes open for...
Cypher pattern on the hourly time frame. Stops around 0.75230. First target is around 0.7644 and second target is around 0.7687. The daily trend is bullish, which means we are trading with the trend.
Enter at the 78.6% level at 0.7573. (It looks like we might get a good RSI reading as well which is a good confirmation)
The GBPCHF is about to hit a weekly resistance zone and we might see a reversal happening soon. Furthermore, this reversal zone happens to line up perfectly with the 141.4% fibonacci level of recent structure.
Stops go under the 127.1% ext of the A-B move, and the first target is a retest of the previous high. This gives us a nice risk profile of about 5:1.