USD/CHF: Retesting highs and then down to complete a large bat?
The butterfly worked quite well (see previous idea linked below).
We could be on our way now to re-test former highs, looking for long setups on smaller timeframes seems like a good idea to me!
Depending on where we end up we could have a good short opportunity to complete the possible blue bat's D leg.
It might be tricky though to find a good entry point: 0.886 ret. of AB, double top, maybe even an alt bat... (not quite the 38.2 B ret. but close).
It's probably best to wait it out and observe PA at these levels to see if and when it reverses.
If we get down below afterwards to complete the bat we will have a good long opportunity.
Notice my SL on the bat is not below X! Some people might want to take it wider but I'll wait to see if we get a good reaction at the bat's PRZ and then enter with SL as on the chart.
We could be on our way now to re-test former highs, looking for long setups on smaller timeframes seems like a good idea to me!
Depending on where we end up we could have a good short opportunity to complete the possible blue bat's D leg.
It might be tricky though to find a good entry point: 0.886 ret. of AB, double top, maybe even an alt bat... (not quite the 38.2 B ret. but close).
It's probably best to wait it out and observe PA at these levels to see if and when it reverses.
If we get down below afterwards to complete the bat we will have a good long opportunity.
Notice my SL on the bat is not below X! Some people might want to take it wider but I'll wait to see if we get a good reaction at the bat's PRZ and then enter with SL as on the chart.
