Some might allready have taken a trade on the previous test of the structure forming this consolidating zone of range bounde movement.
I did not, for reasons not having to do anything with the setup, and therefore (following my plan) I´m waiting for a new setup.
We might not see a complete doubletop so a entry just below, from this ongoing pullback, after a...
We are in an underlying down trend, which means that you should be a little extra restrictive with patterns like this.
The bat pattern is relatively deep (B-point), which also speaks for smaller profit target(s).
PRZ coincides with a smaller support level which can speak for at least a 38.2% recoil to make a small profit.
If you run 2 positions you have to be...
AUDJPY has been moving between 2 levels for a while now and once again we can see reaction from the resistance.
Just as a additional confirmation I used Bollinger bands on 1hr to confirm that it was over extended there as well.
Looking at the lower TF, 15min, we can also see that we have a RSI Divergence.
You could go for 2 positions here taking the first one...
XAUUSD is on the final C-D leg and has closed above the B-point, givning it some momentum up for a complete pattern up at D-point and higher TF resistance.
The general trend is bearish so extended targets can be used.
Look for reversal confirmation in the PRZ or just above.
This H&S isn´t perfect but since we also have a structure level that will be tested at the same time as a break of the H&S neckline will occur - makes it really interesting to me.
There is couple of ways to set SL and targets and I´m using the last lower high, + couple of pips, as SL in this setup.
For targets I´m looking at a 1.618%-ish move of the right...
One of the most basic and "simple" patterns. However, it should preferably not be traded as the only affirmative factor.
Here we have structure that coincides on the same level as the AB = CD pattern 1: 1 point (D point). In addition, we are also awaiting confirmation of RSI.
A first target is structure that coincides with 38.2%.
Should the AB = CD 1: 1 pattern...
US30 has just landed a AB=CD pattern and is atm testing previous structure. We might se a brief reaction from the structure (double bottom) confluencing with
the AB=CD pattern. I´m waiting for a bit more extended move down to a complete Bat pattern and probably a test of daily structure just below.
The price action at these levels will be my descission point for...
A really nice 1:1 AB=CD pattern was just completed on EURNOK 4h.
The only "warning" is the "fast" fall down to the D-point = Tight SL.
RSI is oversold as well but the more restrictive can wait for it to break up over 20 (or 30 for those who use that).
The risk is that you miss a large part of the movement. As always - your plan and what you have tested is what...
GBPJPY has just landed both a near to perfect Bat pattern as well as a Deep Crab pattern - both completing at the same levels.
Right now we are watching at a first reaction from the PRZ, that I´m personally not involved with, but will probably see a retest of the complete zone
before we hopefully get another (Type 2) reaction.
We have no clear trend so standard...
Awaiting a complete pattern and test of PRZ.
AUDCAD shows no real trend so to stick to standard targets is recommended.
Tight SL just below the X point.
This is a thought trade within a falling wedge, where we expect a structural downward movement to the bottom of the wedge.
Tight SL and target price down at both the wedge bottom, 113% fibonacci extension of previous bearish leg as well as previous structure.
Provides a good R: R ratio.
Another great Bat pattern in a, for the current timeframe, consolidating pricerange.
As always with these we´re not looking for to extended targets - just the normal 38.2% and 61.8%.
UNtil PRZ has been tested and additional confirmation is shown - I´m on the sideline.
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...
If you look at the 4h timeframe, we have had a pullback from a downtrend. If you go up another step to Daily timeframe, we've had a pullback from a uptrend - so the timeframes are a bit contradictory.
This is also seen in the 1h timeframe where we recently had a more consolidating period. This allows both a bearish pattern or, as in this case, a bullish pattern to...
Looking at this potential bearish Bat pattern with great pivot points defining an almost optimal Bat pattern.
The B point is close to 50%, we have a distinct startingpoint for X and, we are in a downtrend.
Also, we have price levels, to your left, that has been tested couple of times falling at the same level as 88.6% - the most important level for a...
It's still a way down to the fact that we have a complete Bat pattern here but what one can draw from this conclusion is that we are in a clear downtrend where the Bat pattern's "regular" magnet down to the D point, after we got a closing under B, also helps.
In a lower (time resolution) perspective, you can use this to take trades in the right underlying...
not a trade I'll be taking since I don't day trade on mondays. but
if you front run your orders this would already be filled, so follow your rules!! on whether you would still take this or not...
entry @ 117.96
traditional targets @ fib retracement .382 and .618
Good Luck
