We see that out on the daily, the trend is overwhelmingly bullish. Using this higher time frame, I'm looking for a pullback into previous structure to get long and looking for a retest of the highs. I wish I could show the situation on the daily, but you get the idea.
On the hourly trading time frame, I see a bullish bat pattern nearing completion, in addition to a 6.18 retracement of the most recent bullish surge into resistance. I based stops of a 1.13 inversion of this leg. We also see a 1.618 inversion in this same neighborhood of the B to C leg of the bat.
The overall risk reward is greater than one to one. This set up allows many types of traders to get involved, pattern traders, trend following traders, TCTs, the more the merrier.
Benny Manieri
On the hourly trading time frame, I see a bullish bat pattern nearing completion, in addition to a 6.18 retracement of the most recent bullish surge into resistance. I based stops of a 1.13 inversion of this leg. We also see a 1.618 inversion in this same neighborhood of the B to C leg of the bat.
The overall risk reward is greater than one to one. This set up allows many types of traders to get involved, pattern traders, trend following traders, TCTs, the more the merrier.
Benny Manieri