EUR.GBP - Long Opportunity @ .8321 Long

Euro Fx/British PoundFXCM

Description

⋅ May 10, 2017 6:44 AM

On the EUR.GBP 4hr chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.

The price reversal zone on this pair is between .8321 & .8296
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at .8500
Stop loss would be placed below X leg structure support.

Target 1 - .8401
Target 2 - .8452

ukforexsignals EURGBP

Comments

patterntrader

⋅ May 10, 2017 9:50 PM

Top-notch trade setup. I have to confess that charting is a skill. Hope things transpire well. Continue your good work and thanks for sharing it.

EFT

⋅ May 10, 2017 7:23 AM

Ok its Bat pattern no problem

UnknownUnicorn180388

⋅ May 10, 2017 7:25 AM

@EFT, Hi,

That's correct it a Bat setup and not a Cypher.

EFT

⋅ May 10, 2017 7:12 AM

Can i ask are you using the 1.61 extension for D Leg on this one ?

I was looking at it this morning but with the 1.27 extension and couldn't get the RRR can i ask the reasoning behind the 1.61 extension ? is it something to do with the retracments in the middle of the pattern
Still trying to learn these patterns Regards