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Bat

Retesting Previous High, Potential Shorting OpportunityWe've identified a potential opportunity for counter-trend traders in the form of a Bearish Fib-3 Bat Pattern completion on the Weekly Chart. This could be a great chance for traders to engage in the trade and make a profit. However, we understand that the initial stop may be too large for some traders to handle. That's why we suggest waiting for the setup to form on the lower time-frame, such as the 1-hourly chart, for a shorting opportunity. You could wait for a retest at 149.44 for a shorting opportunity. The initial Stop-Loss at 149.74 (-30pips) or approx. -300usd/lot. Target1 could be at 148.76 (+68pips) or approx. +680usd/lot. But keep in mind that it's always important to plan your trade and not follow any trader blindly. We encourage you to have a solid plan in place before making any trades.
Short
by RaynLim
EURUSD: Bearish Bat with MACD Bearish DivergenceWe have an Intraday Bearish Bat on the Euro with Bearish PPO Confirmation and MACD Bearish Divergence. Earlier today, the Euro Doubled Bottomed at $1.05 and has since been on the rise, but so far it has only managed to come back up towards the moving averages and move up to complete a Bearish Bat. Now it is showing multiple signs of coming back down, and if it does, I don't think $1.05 will hold but that it will instead break and make its way towards $1.035. I think we will continue this trend until the Euro Is Back Below A Dollar.
Short
by RizeSenpai
A Great Trading OpportunityAs per my analysis, a Fib-3 Bat Pattern is about to complete at 1.8979 on the Daily Chart. To minimize the initial risk, I will wait for a buying opportunity on the H4 or H1 chart. This will significantly reduce the stop-loss to 1.8733 (-246pips) or close to -2,460usd/lot, while the first target will be at 1.9363 (+384pips) or close to 3,840usd/lot. I believe that a good trader follows a good mentor, but a great trader plans his own trade and takes reference from others' analysis. Therefore, I suggest that we proceed with caution and carefully evaluate the market conditions before investing. With a well-planned trade, we can maximize our gains and minimize our risks.
Long
by RaynLim
Bearish Cypher and Bat Patterns in Harmonic: An Educational Post🎢**What are Harmonic Patterns?** Harmonic patterns are a type of technical analysis that uses Fibonacci ratios to identify potential turning points in the market. They are based on the idea that the market tends to move in geometric proportions. 📐Fibonacci ratios are a set of numbers that are derived from a mathematical sequence. They are often used in financial markets to identify potential support and resistance levels. **What is the Cypher Pattern?** The Cypher pattern is a five-point harmonic pattern that is often used to identify potential price reversals. It is characterized by the following Fibonacci ratios: * XA retraces 0.382 to 0.618 of the previous swing * AB retraces 0.382 to 0.618 of the XA swing * BC extends to a minimum of 1.272 and a maximum of 1.414 of the XA swing * CD retraces 0.786 of the XC swing **What is the Bat Pattern?** The Bat pattern is another five-point harmonic pattern that is used to identify potential price reversals. It is characterized by the following Fibonacci ratios: * XA retraces 0.382 to 0.5 of the previous swing * AB retraces 0.382 to 0.886 of the XA swing * BC extends to 1.618 to 2.618 of the AB swing * D retraces 0.886 of the XA swing **How to Trade Cypher and Bat Patterns** Cypher and Bat patterns can be traded in both bullish and bearish markets. However, they are more likely to succeed if they are traded in the direction of the overall trend. **Tips for Trading Cypher and Bat Patterns** * Look for patterns that have clear and well-defined Fibonacci ratios. * Trade in the direction of the overall trend. * Use risk management techniques. **Interesting Example:** A similar pattern was observed in Tata Motors from year 2009 to 2021. The stock had a rollercoaster ride, but it eventually reached new highs in 2023. 🎢📈 **Potential Outcome:** If a Bat & Cypher pattern is in the making in S&P 500, we could see the index reach 2800 levels by August 2024. 📈🚀 **Conclusion** Cypher and Bat patterns are two popular harmonic patterns that can be used to identify potential price reversals. They can be traded in both bullish and bearish markets, but they are more likely to succeed if they are traded in the direction of the overall trend. **Please note:** Harmonic patterns are not a perfect trading system. There is no guarantee that the market will reverse after a Cypher or Bat pattern is completed. However, these patterns can be useful tools for identifying potential trading opportunities. 🔍 However, I am not a financial advisor and cannot provide financial advice. Please do your own research before making any investment decisions. 💰
SP:SPXShort
by yogesharora2409
1
Potential Gold (XAU/USD) Bat; Is gold going down?Soooooo, you know when there's one person in the room that says something crazy.....well I'm possibly about to become that person. My previous post about the long short on the USD/JPY still shows that there is still a little bit of way for the USD to climb before the drop. So, this took me to the gold chart, and here's where we are at present. I have had this bat drawn for around 10 days, and really didn't believe that it would play out, but so far it is. This is IMPORTANT bit....this bat could easily break if closes above point C, it could also really break if it doesn't drop down to point D. To get down to point D we need the DXY to rise....and to get to that point we will need the FED to announce a rate rise. Now I'm fully aware that Wall Street is 60/40 that there will be a halt in rate rises, sending the dollar down, but, and it is a but, this chart is a possibility. If there is a rate hike then the chances are that we are heading to point D at 1866, then put your fib on the CD point and 50% is the TP1, point C is TP2. I'm not saying that any of this will definitely happen, and don't shoot the loony in the room, but it's a possibility that is on the table. Don't forget, the FED won't be worried about throwing the little guy in the street under a bus. Their job is to look after the economy.
TVC:GOLDShort
by Elite_Trading_Signals
Opportunities Abound!The Dollar Canada pair offers a chance to capitalize on a bit of consolidation after an uptrend movement. Upon examining the daily chart, there appears to be a retest of the previous resistance, indicating a favorable buying opportunity for counter-trend traders. The 4-hour chart shows a retest of the support area, which could potentially lead to a harmonic pattern on the intraday time frame, such as the 15-minute or 1-hour chart. On the weekly chart, the Dollar Canada has a fib-3 bat pattern completing at 1.2579, hitting its resistance level. For support-resistance traders, there is a candlestick confirmation over here, which could indicate an aggressive selling opportunity. However, due to the lack of other trading ideas support, this may not be an attractive option. The daily chart shows a bearish shark pattern that has already been validated and engaged in movement, hitting the support level. Structure based traders may want to look for a buying opportunity around this zone at 1.3508. The 4-hour chart has a retest of support at 1.3495, which is a zoomed-in version compared to the daily chart. On the 1-hour chart, support-resistance traders can look for a shorting opportunity on the mini buy zone over here at 1.3529 the immediate level. The 15-minute chart provides multiple trading opportunities, including a bullish bat pattern completing at 1.3506, a bearish deep gartley pattern completing at 1.3547, and a bullish butterfly pattern at 1.3478. These opportunities can be identified by those who know how to spot them. As a suggestion, a Bullish Bat Pattern completing at 1.3506 has an initial stop-loss at 1.3492 (-14pips) and a first target at 1.3516, yielding approximately +100usd/lot for +10pips. Should the market extend upwards, a Bearish Deep Gartley Pattern is looking to complete at 1.3547, with an initial stop-loss at 1.3559 (-12pips) and a first target at 1.3530, yielding approximately +170usd/lot for +17pips. Please note that this is not a trading advice, and it is recommended that you do your own analysis before making any investment decisions.
by RaynLim
AMZN: Bearish Bat with Confirmation Could Take It Down to $42.99We have officially gotten PPO Confirmation at the Bearish Bat PCZ, as a result, I am now convicted to this trade and am even willing to lower my target back down to $42.99. We have broken trend on the PPO and Confirmed an Arrow at the PCZ; a move down to $42.99 would be the completion of a Perfect AB=CD BAMM and the Bearish Bat here just may act as our Early C entry to catch the more macro CD wave to $42.99.
NASDAQ:AMZNShort
by RizeSenpai
1
LTCUSD: Ascending Broadening Wedge with a Confirmed Partial RiseWe have confirmed the partial rise of the Ascending Broadening Wedge and have failed to break above the major support/resistance level. I now expect the price of LTC to go even lower than 40 and perhaps to around $25-$19 as that would be the HOP level of the Bullish Bat it is currently BAMMing from, but it is possible we get a reaction at around $35 as that would be the 88.6% Retrace, but the most confluence is at the $25-$19 area.
BITFINEX:LTCUSDShort
by RizeSenpai