I don't normally trade in the 15M TF but I will take this trade because it is in confluence with the trade I posted earlier (see Related Ideas: "TRADE: AUDUSD: BUY@0.69170 LONG On Shark + Cypher").
This 15M POTENTIAL bearish bat would show prices heading back into the 70 cents level and also the LOWER trend line of the descending diagonal pattern which should provide some resistance before prices do break back up into and through the diagonal.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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Hey, Im new here. Do you still positive on 0.70 ? What is the critical reading to watch ? appreciate your advice
EverythingForex
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Yes, I'm looking LONG on this pair as per my analysis until it proves me wrong or it reaches my targets. Watch for price action to reach back over 70 cents. Consolidate. And then move up again. Or prices will zoom past 70 cents. Retrace back down to 70 cents. And bounce up again. Those are all bullish-type price action. That's not saying any of that will happen. Just what to watch for. If you are conservative trader, then should wait until prices go back over 70 cents, look for bullish price action and then go long. If prices stay below 70 cents and cannot get over, then likely this pair will become bearish very quickly. Good luck!
amaan.datahome
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Thank you for your informative reply. I am on it. was worried about 8 h 15 m time frame a bit.
EverythingForex
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You're welcome. I don't trade on time. I'll stay with a trade however long it takes to complete or if I see bearish price action signaling me that the trade may be over. But that is MY trading plan. I can afford to wait out the time whereas I know others set a time limit on trades so as not to tie up capital for too long. And still others do trade on the time factors like Fibonacci time expansions and such. I don't. Not that I don't believe in them or anything. Just not part of my trading plan.
DirtyBoss
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EverythingForex
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Yes, that is a valid bat pattern.
DirtyBoss
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thank you very much. Just wanted to validate because i saw promise in the structure
DirtyBoss
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Hey..everythingforex, can you please kindly give me your input on this. I'm still new to this pattern trading. Does this look alright as a structure?
vaporize
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I am looking for a entry into a long position, price is ranging at the moment on the h15.So will wait for a dip and then go long.
vaporize
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I am looking for a bounce back of 7070 area what do you think .
Thanks