- A potential bat pattern might be forming on the daily chart
- RSI on it's way to oversold level
- R:R at 1.15 (TP1) and 1.9 (TP2)
- I have placed SL at 0.834, much lower than the usual 5-20 pips below X leg
- 0.834 is a strong daily support level
As the SL is much bigger at about 105 pips, please adjust lot size to fit your risk appetite.
NOTE :
- EU summit is on 29 April to discuss Brexit on 29 April, 2 weeks from now
- Volatility is expected
Note
Pattern has become invalid, price has dropped and hit SL in a day, no trade for this bat pattern.However, I am looking at another possible butterfly pattern that is emerging on daily chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.