AUDCHF bearish Crab

8 Jan 2015

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.