USDCHF H1 Bullish Bat Pattern

20 Jun 2011

Bullish Bat Pattern On USDCHF Hourly Chart.

• B point at 0.500XA retracement.
• C point at 0.618AB retracement.

PRZ Zone:

• Extended 1.27AB=CD at 0.8380.
• 0.886XA projection at 0.8370.
• 2.00BC projection at 0.8370.

PRZ zone is define by a convergence of 8.886XA and 2.00BC projection at 0.8370 and complement by extended 1.27AB=CD at 0.8380.
The PRZ zones was in the middle of two demand zone. The first one is 0.8380-0.8390 while the second is 0.8350-0.8360. Such a tight demand zone between PRZ should give a strong support for price action to reverse in the PRZ zone.

22 Jun 2011

Trade Details :Entry : 0.8374
SL     : 0.8340 (34 pips)
TP 1  : 0.8440 (66 pips)
TP 2 :  0.8480 (106 pips)


UPDATE : SL triggered at 0.8340 with -34 pips loss.


  


23 Jun 2011

USDCHF FollowUp.
Sharp reversal after hit SL.
Self Reminder : Take A Lesson From This Trade !!!

Lesson 1 : Always look for more bigger demand zone. There are demand zone at 0.8325-0.8340. SL should be put below bigger demand zone.





This trade show lack of preparation definitely cost me money. This pattern start show on 20 Jun 2011 and complete on 22 Jun 2011. I had 2 days to plan this trade.. !!!

Posted in: Bat,Bullish,USDCHF