GBP/CHF: Bearish Bat
Lewis Glasgow | Apr 13, 2017 12:01PM ET
GBP/CHF has formed a valid bearish bat pattern on the 4h timeframe which offers a solid risk to reward of 1:4 depending on your take profit level.
Currently, price is stalling in the potential reversal zone showing various signs of indecision, indicating a reversal.
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
The D point formed on a major level of resistance, I'm expecting a sell-off very shortly.
Taking a look at the bigger picture this trade is a no-brainer for me!
Entry: 1.26100
SL: 1.26880
TP: 1.22770
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