Hi All, I wanted to share this early to give you enough time to perform your own analysis, with the previous Bearish Bat that I took and have second stop moved down after we reached Target 1 - here I am looking at a potential Stop Reverse trade if we can make it this far.
Keeping in mind C leg must not pass the A leg for this pattern to be invalid.
You can also actively manage your stop and limit if price falls towards our Target 2 on the Bearish Bat, remember to ensure to take your profit and dont be greedy, in this case I have analyzed this chart and it is in my rules that if I find a S/R trade that I can actively manage to increase reward.
As always Green is the Entry Zone - 88.6% BAT Entry
We also have a Major FIB EXT 1.618 - from A to B leg completing at the 88.6% level
Stops are @ Minimum Below this level of 1.113%
Targets as always - A to D Fib Retrace TP1 just below 38.2% and TP2 Just below 61.8%
Targets to be adjusted on D completion
If you also look at this chart for those who trade also possible Head and Shoulders
Good Luck and lets see if this plays out - and enjoy your weekend
Keeping in mind C leg must not pass the A leg for this pattern to be invalid.
You can also actively manage your stop and limit if price falls towards our Target 2 on the Bearish Bat, remember to ensure to take your profit and dont be greedy, in this case I have analyzed this chart and it is in my rules that if I find a S/R trade that I can actively manage to increase reward.
As always Green is the Entry Zone - 88.6% BAT Entry
We also have a Major FIB EXT 1.618 - from A to B leg completing at the 88.6% level
Stops are @ Minimum Below this level of 1.113%
Targets as always - A to D Fib Retrace TP1 just below 38.2% and TP2 Just below 61.8%
Targets to be adjusted on D completion
If you also look at this chart for those who trade also possible Head and Shoulders
Good Luck and lets see if this plays out - and enjoy your weekend
