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lyl89
May 25, 2017 11:54 AM

EURGBP - Bearish Bat Pattern on Daily Chart Short

FX:EURGBP1D
Euro Fx/British PoundFXCM

Description

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A possible bearish bat pattern might be completing soon.
  • RSI is about to reach overbought level
  • PRZ is slightly above trendline resistance
  • R:R at about 1 (TP1) and 1.7 (TP2)


Daily chart, ensure lot size adjusted according to your risk management.

I will update when pattern completes.

Comment

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Getting closer to pattern completion and RSI overbought level.

Comment

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Pattern completed earlier than I expected, I'll be sleeping though.
RSI for Daily and H4 are above overbought level, RSI for H1 is retracing from overbought level.
Whoever's awake now can monitor and enter, remember to adjust lot size as SL is larger =)

Comment

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The drop has begun.
EURGBPeurgbpshortBatBearish BatHarmonic Patternsharmonicforex
Comments
broseph
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nice setup. However, dont like the 1:1 as it tends to prove to kill trader if the drawdown hits.
lyl89
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@broseph, I can understand if you think that the R:R might not be as desirable.

The entry point is based on the bottom of the PRZ (for short setups), if good entry can be found above but still in the PRZ, the R:R will increase.
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