Here, we are looking a bullish bat on the 4h chart with CAD/CHF.
With price breaking out of the top trend channel into the bottom trend channel, we can expect the market to make its way down to the bottom trend channel support line.
Given the bat pattern and the support line from the bottom channel, we can not only get a better look at WHERE the price will reverse but WHEN.
This is definitely a set up to keep an eye on in the next coming weeks. The market has given us an opportunity of a 1:5 risk to reward!
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
Final X to D: 0.886
With price breaking out of the top trend channel into the bottom trend channel, we can expect the market to make its way down to the bottom trend channel support line.
Given the bat pattern and the support line from the bottom channel, we can not only get a better look at WHERE the price will reverse but WHEN.
This is definitely a set up to keep an eye on in the next coming weeks. The market has given us an opportunity of a 1:5 risk to reward!
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
Final X to D: 0.886
