KyleMcQuade

Bearish Bat Cad-Frank

Short
OANDA:CADCHF   CAD/CHF
The daily chart on the cad-frank hasn't trended well in recent times and is currently in a declining channel. Scaling down to the 1 hr chart, price has reached the top of that channel just short of the . 886 retracement of the bearish bat . This is the ideal time to get in short with a stop loss just above the X coordinate. As per usual practice, indicators aren't used in determining price action, although it doesn't hurt to have a look at the Relative Strength Index where you believe price is approaching a potential reversal zone. RSI looks to be entering an overbought level, bringing a higher reversal probability.

Bat Ratios

AB: 0.382-0.5
BC: 0.382-0.886
CD: 1.618-2.618
XD: 0.886

Comments

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