AUDNZD, 30min, potential Bat pattern
Back to back with a Shark pattern, that completet its "Type 1" reaction and hit T1, we now see a potential Bat pattern form.
I will personally be abit more careful with this one since X point of the Bat isn´t on the absolute high of the previous swing (B point of the Shark pattern).
But as with many other patterns forming in the same way, you just have to be aware of it and manage accordingly.
Completet PRZ har to be tested as usual and thereafter confirmation on a bearish reaction.
Also, looking at the bullish reaction we have right now it can be measured from a completed 5-0 pattern (light gray triangle).
To deep reaction from the 5-0 could however invalidate the Bat pattern.
I will personally be abit more careful with this one since X point of the Bat isn´t on the absolute high of the previous swing (B point of the Shark pattern).
But as with many other patterns forming in the same way, you just have to be aware of it and manage accordingly.
Completet PRZ har to be tested as usual and thereafter confirmation on a bearish reaction.
Also, looking at the bullish reaction we have right now it can be measured from a completed 5-0 pattern (light gray triangle).
To deep reaction from the 5-0 could however invalidate the Bat pattern.
Henrik Siverhall
SMC Trading
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SMC Trading
Är du intresserad av vårt mentorskap - "Basic" och "Avancerad" mentoring.
smctrading.se
Sveriges största FB grupp för nybörjare
bit.ly/ptse-fb-basic
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