USD/CHF Bullish Setup: Harmonic Pattern & RSI Divergence AlignedThe USD/CHF pair is currently exhibiting a Bullish Bat Harmonic Pattern on the daily chart, which is aligned with a key support area. This setup suggests potential bullish momentum in the coming sessions, supported by multiple technical indicators.
Harmonic Pattern Analysis:
The Bullish Bat Harmonic Pattern is identified, signaling a potential reversal from the current downtrend. The pattern aligns perfectly with a significant support zone, increasing the probability of a bullish reversal. This convergence of harmonic patterns and key support areas often leads to a high-probability trade setup.
Key Support and Rejection:
The price has shown a strong rejection at the key support level of 0.85115, further solidifying the bullish outlook. The rejection at this level suggests that buyers are stepping in, preventing the price from falling further. This support level has historically acted as a pivotal zone for USD/CHF, adding credibility to the current bullish scenario.
Bullish RSI Divergence:
Adding further confluence to our bullish sentiment is the Bullish RSI Divergence observed on the daily timeframe. As price made lower lows, the RSI indicator formed higher lows, indicating a potential reversal in the trend. This divergence reinforces the likelihood of an upward movement in the USD/CHF pair.
Trade Setup:
Entry: 0.85115
Stop Loss: 0.83985
Take Profit Levels:
TP-1: 0.86245
TP-2: 0.87375
TP-3: 0.88505
Conclusion:
The confluence of the Bullish Bat Harmonic Pattern, key support level, and Bullish RSI Divergence provides a compelling case for entering a long position on USD/CHF. The outlined trade setup offers a favorable risk-to-reward ratio, with clear levels to manage the trade effectively. Traders should monitor price action around the entry point to confirm the bullish momentum before executing the trade.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Trading in the forex market involves significant risk, and it is essential to conduct your own analysis before making any trading decisions.
Batharmonicpattern
Possible Bat on US30Hey found what I think is bat on US30 daily (represented by yellow) and a potential ABCD (represented by pink). I've entered already but figured I'd share it. Final tp's being between 32683 and 32733 before it goes back long.
Strictly opinion I'm still learning and mastering my craft so critique and comments are welcome. Thanks.
USOIL 4hr Its all about the wave structures!
As a Technical Analyst I identify patterns and harmonics to give us a higher probability of an outcome before they happen rather than talking about it in hindsight!
Here you can see on the 4hr chart the Bullish Bat Harmonic with a type 2 return underperforming and maturing into a Bearish Bat Harmonic that has a PCZ OF $114.72