After our first gartley pattern failed we anticipated that a posible bat pattern would form, now the pattern just completed. this is also a high prob trade it goes with trend direction, the "D" leg of the pattern ends exactly at a major structure level ( resistance turning support ) and showing RSI Over sold with Divergence.
As I always say a failed pattern is NOT a bad pattern or a bad trade, it is just a trade that wasnt a winner, CONSISTANCE IS KEY if we get involved with high prob trades like this one, we will end up positive. remember this is a long term journey las month I had 8 consicutive losses but becouse of my 2 on 1 Risk Reward I was able to be positive las month. I risk 1% and shot for a 2% reward, so we don't need to be right everytrade.
Comments
Sam0101
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hi whats now for this pair? will be go all the way up to 9.46? then 9.5?
eXcess0070
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Hi, I don't know, no one knows. but if you look at the bigger picture,the market is in a downtrend and still is. tecnicaclly speaking nothing is telling me that this will go north in a long term. in the small timetrame if the market wanna go north, it gotta break a strong resistance zone, its already showing RSI Over sold condition with Divergence and forming a tripple top. and even a break of a trendline and a retest of it. everything is telling me bearish, I would bet that the market will go to 9.93 or even 9.92, if it break to the upside I would spect a the market to get 95 or even 97 ( at those levels we may have a counter trend or a sideways pattern oportunity )
eXcess0070
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I trade patterns only so right now I'm sitting on my hands waiting for an oportunity to jump to the markets, there is no hurry.