Hi All, I wanted to share this bullish bat pattern we see here on EURUSD - we haven't yet seen a close above A or close below B - B-C looks to be a completed Cypher Pattern
If we continue down we will expect some test of the level just above 1.11200's and hopefully we break through presenting us with an opportunity for a long position.
BAT Pattern I have put targets just below 38.2% and 61.8% retrace from A to D Leg.
Entry has been placed just above 88.6% to ensure we get filled. Entry level is also close to Even handle 1.11000
Stops will need to go a minimum below the level I have noted. I have placed it at 113% FIB EXT
You can see risk reward is always good for the Bat Pattern as the entry is 88.6%
Keep an eye on Resistance as you may need to adjust Target Levels.
Other than these ratios I can not find any other confluence - I will be looking for an AB=CD completion if we continue further down. Also looking at the RSI levels if we get closer to Entry to ensure we have more reasons for entry.
Use your filters well and remember we dont have to swing at every trade - just wait for your pitch. Happy Trading
Happy Trading
If we continue down we will expect some test of the level just above 1.11200's and hopefully we break through presenting us with an opportunity for a long position.
BAT Pattern I have put targets just below 38.2% and 61.8% retrace from A to D Leg.
Entry has been placed just above 88.6% to ensure we get filled. Entry level is also close to Even handle 1.11000
Stops will need to go a minimum below the level I have noted. I have placed it at 113% FIB EXT
You can see risk reward is always good for the Bat Pattern as the entry is 88.6%
Keep an eye on Resistance as you may need to adjust Target Levels.
Other than these ratios I can not find any other confluence - I will be looking for an AB=CD completion if we continue further down. Also looking at the RSI levels if we get closer to Entry to ensure we have more reasons for entry.
Use your filters well and remember we dont have to swing at every trade - just wait for your pitch. Happy Trading
Happy Trading
