AUDCHF bearish Crab
AUDCHF is currently at a price level that happens to be at a strong past support /resistance level.(it will be clearer if you opened up a higher time frame chart). This level coincide with the bearish deep crab pattern. I was a bit late identifying this pattern. As I am big on Risk/reward ratio, I will wait to see price move up to 0.8278 level for a better fill. Stop above max BC extension of 3.618 @ 0.8310. Take profit will be at B point @ 0.8205 giving me a decent 1:2 risk/reward ratio. Furthermore, RSI is also showing divergence. The probably is on my side, let's see this one works out.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.