A bat pattern is near completion. Wait for all the levels to be tested. Execute only if priceaction shows the reversal.
Comment:
now the pattern is completed
Comment:
As price broke the support of 0.886XA next potential revesal zone is lower, at 1.13XA. The pattern evolves into an alternative bat.
Comment:
Now the alternative bat is complete as price tested all the levels of the Potential Reversal Zone. Wait for a reversal to start before execution.
Comment:
although, we have a number of indicision (small bodies) candles in the PRZ there is no reversal yet. Price should install an bull bar to demonstrate that reversal starts and another bull bar to confirm the reversal. The second bar has to have a higher high, higher low and a higher close. Ideally if the second bar closes above the first bar's high. Until we get this reversal+follow through no actions should be taken.
Trade active:
now the revesal started.
Trade closed manually:
A bear trend bar close below the primary trendline. Another bear bar confirms the breakout. It is obvious that the price is not moving to the upside as it was anticipated. That's why I close my position with a small loss.
