A pattern based trade setup for a directional bias
We got a potential bullish bat pattern formation in the future for another buy/long opportunity here in
GOLD
market. Here in this timeframe (daily) I could wait for a confirmation/signal to go for a buy/long trade once price enter my Bull Bat PRZ as this could serve us a good directional bias. But as of the moment we could go and look for a short/sell setup (opportunity in the lowerr TF as well (as we have a bias). And again before executing a trade make sure to follow whatever trade setup/strategy/system you are using. Good luck!
Bat Pattern:
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 38.20% < A point AB leg
Dpt completion - 88.60% XA leg - ENTRY
SL level: above/below the pattern's X point as we could determine it as a good support or resistance zone/level.
TP level: TP 1 on 38.20% AD leg, TP 2 on 61.80% AD leg and for TCT (trend continuation expect a formation of new highs/lows so on the recent lowest/highest price swing of the market structure (pattern).
Disclaimer: Caveat, trade at your own risk. Trades are subject to be at risk and money manage with different objective as yours. I will not be held responsible for any losses that occur in your account. You and you alone are responsible for deciding if you are comfortable accepting the risk involved in trading the Financial Market.
GOLD
market. Here in this timeframe (daily) I could wait for a confirmation/signal to go for a buy/long trade once price enter my Bull Bat PRZ as this could serve us a good directional bias. But as of the moment we could go and look for a short/sell setup (opportunity in the lowerr TF as well (as we have a bias). And again before executing a trade make sure to follow whatever trade setup/strategy/system you are using. Good luck! Bat Pattern:
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 38.20% < A point AB leg
Dpt completion - 88.60% XA leg - ENTRY
SL level: above/below the pattern's X point as we could determine it as a good support or resistance zone/level.
TP level: TP 1 on 38.20% AD leg, TP 2 on 61.80% AD leg and for TCT (trend continuation expect a formation of new highs/lows so on the recent lowest/highest price swing of the market structure (pattern).
Disclaimer: Caveat, trade at your own risk. Trades are subject to be at risk and money manage with different objective as yours. I will not be held responsible for any losses that occur in your account. You and you alone are responsible for deciding if you are comfortable accepting the risk involved in trading the Financial Market.