FX_IDC:AUDNZD   AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR
Here on the 4h chart of AUD/NZD             we have a potential long Bat Pattern opportunity .

As you can see price on the 4h is falling into strong structure support, which if broken should indicate a push lower to a D leg completion.

Depending on your trading plan and style, you could get short at the break of the B leg support level in anticipation that price will complete at the D leg of the Bat Pattern .
A more conservative approach would be to await price to complete at the D leg of the Bat Pattern before getting long.

I feel both the aggressive and conservative approach are plausible, but always trade your plan.

Anymore information don't hesitate to contact me.

Have a great trading week.
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Interesting on the long time frame. The recent drop is quite sharp and I think it definitely could end up to your entry. With that in mind, it is due for a retracement and I bet one is coming on the 1h 2week timeframe.

snapshot


+1 Reply
TomHall TOP asiansupermarket
a year ago
I agree, If it can break and close below the B leg support level, this should then act as resistance for a small retracement before a continuation to the downside.
Reply
i´ve got the same one on the radar, though i´m worried about the minor resistance comming in a little above our D completion, but lets see how it´s going to play out, but that would keep me from getting short from the break of B leg.
snapshot
I wrote you earlier today about the forum on IG Kind regards
Thomas Jeff
Reply
TomHall TOP ThomasJeff_DCM
a year ago
Hi Thomas,
I agree, personally i don't trade patterns until they complete at the D leg, however some traders like to trade aggressive at certain points of a pattern.
It is all a waiting game now, patience is the key.
Reply
ThomasJeff_DCM PRO TomHall
a year ago
Normally i make a pending order after it goes below the B leg on for an example a Bat pattern so i don´t miss it if i´m not there when it complete. My win ratio to TP1 is about 55-65% on these so i just let the odds play out on my 10 pair portfolio that is backtested and proven over time
Reply
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