Description
⋅ EUR/AUD is almost ready to go! Bearish BAMM setup has formed on the 4h chart, providing a trading opportunity with a 1:2.33 risk to reward.
BAMM trading setups rely on a valid bat pattern, you'll find the relevant measurements below.
XA Retracement: 0.382 - 0.50
AB Retracement: 0.382 - 0.886
BC Projection: 1.618 - 2.618
XA Retracement: 0.886
The time proportions of this setup are absolutely spot on so far, we'll revisit this in a few days.
Currently waiting for a break and close below 1.63100.
Trade active
⋅ Price closed below 1.63100, everything looks good for a sell.
Comment
⋅ Quick update for those who sold, we'll be looking to cover our position once price reaches the area of 1.61250.
Comment
⋅ Move your stop loss to break even, this should be near 1.62900.
Trade closed: target reached
⋅ Position hit TP, onto the next one!