Today we have EUR/GBP on the 1h chart with a bearish BAMM (Bat Action Magnet Move) setup in combination with a bullish bat pattern.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I understand the BAMM theory will be relatively new to most traders, I've posted a few charts about this style of trading but it simply focuses on a breakout of the B point.
A clear break and close below support at B would indicate further declines, therefore, completing the D leg around 0.87700.
Below are my stop loss and take profit levels.
SL: 0.89350
TP: 0.87700
This is an excellent opportunity with around a 1:3 risk to reward.
Green area displays the profit zone.
I hope you all have an excellent week :)
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I understand the BAMM theory will be relatively new to most traders, I've posted a few charts about this style of trading but it simply focuses on a breakout of the B point.
A clear break and close below support at B would indicate further declines, therefore, completing the D leg around 0.87700.
Below are my stop loss and take profit levels.
SL: 0.89350
TP: 0.87700
This is an excellent opportunity with around a 1:3 risk to reward.
Green area displays the profit zone.
I hope you all have an excellent week :)
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