AUDCAD - Bearish Bat on Daily Chart

Price is in PRZ, pattern is completing soon
PRZ is at good resistance level based on daily chart
RSI is about to hit overbought level
R:R at 1.2 (TP1) and 2.2 (TP2)

I will update when pattern completes.
Might use H4 chart for entry.

Note

- Price has hit PRZ, pattern has completed
- H4 Chart showing bearish divergence
- Traders may choose to enter now or at the next 4-hour candle

Note

Trade should be in at least 40 pips profit now, depending on price entered.

Note

It's the start of a new week, trade should be running at about 80+ pips profits at the moment, depending on price entered. Traders may choose to shift SL to breakeven or even shift SL to a 50 pip profit if you do not have time to manage.

Note

Trade should be running at about 165pips now, reaching TP1.

Note

TP1 is already hit, a bullish bat pattern is spotted and about to complete on H4 chart.
RSI is at oversold level, R:R at 1.5 and 2.5.
Do keep in view.

Note

As new patterns form, traders might close the bearish bat position at TP1 and get ready to trade this bullish bat.

Note

At the same time, a butterfly pattern is also spotted and has just completed.
RSI is also at oversold level, R:R at 2.4 and 4.2, better than the bullish bat.
DO observe the next few candles to see which pattern reacts more.

lyl89

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lyl89