Hi All, Again another Bearish Bat
Pattern on the Radar, If Price Action continues to push towards this level, Nothing showing it wont get to this level trend continuation, break of structure to the upside all in our favor so far. Depending on which X leg you chose will give you your entry level. Some traders choose the lower so they get filled on their orders and put stops above the higher X leg so to speak which increases their risk and less profits. If you line up the 886 with the PST and see which are closer to both X legs but make sure above which most times they are will give you a better entry level again to increase profits and minimize risk. Depending on your entry level and targets could be the difference of 60+ pips in this trade, and reducing risk by 40 pips for entry and stops - Don't take every trade just because it is a pattern make sure the odds are in your favor before entering any trade. If there is a good risk reward
profile does this still mean you will enter the trade? What about if it was risk 1:2 but the risk is 200 Pips? Maybe the trade is too big for you to take. Anyway take care and hope this pattern completes and makes us all more profits. We can see it had many attempts to push past this level and kept getting rejected. 140.000 boom boom boom rejected Getting Close to 141.00 now Rejected and Finally Its at 141.000 Rejected - emotional sell off.