GBPCHF has been on a downtrend. There is a bearish bat with D completion at 1.31628 (88.6 of XA). Upon confirmation of the bearish bias, I will go short. Stop loss is just above point X. The take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Bearish Bat
Price Entry 1.31628
SL 1.31746 | SL pips 11.8
TP1 1.31425 | TP1 pips 20.3
TP2 1.31300 | TP2 pips 32.8
TP3 1.31097 | TP3 pips 53.1
RRR1 1.72 | RRR2 2.78 | RRR3 4.50
Trade Setup: Bearish Bat
Price Entry 1.31628
SL 1.31746 | SL pips 11.8
TP1 1.31425 | TP1 pips 20.3
TP2 1.31300 | TP2 pips 32.8
TP3 1.31097 | TP3 pips 53.1
RRR1 1.72 | RRR2 2.78 | RRR3 4.50
Order cancelled:
This setup is invalidated with the formation of a new swing high. (July 8)