lyl89

EURGBP - Bullish Bat Pattern on Daily Chart

Long
lyl89 Updated   
OANDA:EURGBP   Euro / British Pound
  • A potential bat pattern might be forming on the daily chart
  • RSI on it's way to oversold level
  • R:R at 1.15 (TP1) and 1.9 (TP2)
  • I have placed SL at 0.834, much lower than the usual 5-20 pips below X leg
  • 0.834 is a strong daily support level

As the SL is much bigger at about 105 pips, please adjust lot size to fit your risk appetite.
NOTE :
  • EU summit is on 29 April to discuss Brexit on 29 April, 2 weeks from now
  • Volatility is expected
Comment:
Pattern has become invalid, price has dropped and hit SL in a day, no trade for this bat pattern.
However, I am looking at another possible butterfly pattern that is emerging on daily chart.

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