CADCHF has been on a strong downtrend and is near formation of a bullish bat. This is in confluence with a trendline support. There is an RSI bullish divergence. Upon pattern completion and confirmation of the bullish bias, I will go long. Stop loss is just below the X point. The take profit target is set at the 61.8 Fibonacci retracement level of the AD leg. Tentative details are as follows:
Trade Setup: Possible Bullish Bat
Price Entry 0.73616
SL 0.73105 | SL pips 51.1
TP2 0.75831 | TP2 pips 221.5
RRR2 4.33
Trade Setup: Possible Bullish Bat
Price Entry 0.73616
SL 0.73105 | SL pips 51.1
TP2 0.75831 | TP2 pips 221.5
RRR2 4.33