EURUSD (Bearish Bat Pattern)
Updated
I managed to find a Bearish Bat Pattern with some confirmations:
- A-B must touch 0.5, but cannot touch 0.618
- B-C must touch 0.618, but cannot exceed A (FIbo A-B) or just keep an eye on that 0.236
- D completion at 0.886 (Fibo X-A)
- take profits at 0.382 and 0.618 (Fibo A-D)
We can see how point C reached exactly 0.618 and bounced towards 0.886 where -0.618 is, another great confirmation for our bearish impulse.
Good Trading- 1h Chart
- A-B must touch 0.5, but cannot touch 0.618
- B-C must touch 0.618, but cannot exceed A (FIbo A-B) or just keep an eye on that 0.236
- D completion at 0.886 (Fibo X-A)
- take profits at 0.382 and 0.618 (Fibo A-D)
We can see how point C reached exactly 0.618 and bounced towards 0.886 where -0.618 is, another great confirmation for our bearish impulse.
Good Trading- 1h Chart
Note
First TP has been reached with 113.7 pips if you entered at "retest"!!!At first I got a little scared with that breakthrough, but with Trend-Based Fib Extension I confirmed area with 1.618 and even got to sell from the top.
We can see how price went straight down and left a wick (shadow) at first TP, but price is consolidating at 0.618, at this point I expect some type of consolidation for bearish continuation.
Good Trading. -15min Chart
Note
Note
Plan B was completed by reaching second TPBat Pattern Completed!
Good Trading. -1h Chart
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