Hello everyone! This is my first time sharing an idea, so I'd love to hear some feedback.
As we can see, EURUSD has formed an Alt. Bat pattern and is about to touch a critical resistance, as well as 2 SMA (2 monthly, 3 monthly). There's bearish divergence as well. All seems to indicate that it will go down. Or at least that's what I think. We could also wait for it to touch the resistance, it'd make a nice Butterfly if it keeps being bearish.
Entry price can be 1.2328 or current. Stop loss should be at 141.4% Fib extension.
Profit Target: Daily SMA (yellow), 38.2%/61.8% Fib retracement (not pictured), support trend lines (green).
Alt. Bat measures
B .382 - .886
C .382 - .886
BC proj 1.618 - 3.618
D 1.13
As we can see, EURUSD has formed an Alt. Bat pattern and is about to touch a critical resistance, as well as 2 SMA (2 monthly, 3 monthly). There's bearish divergence as well. All seems to indicate that it will go down. Or at least that's what I think. We could also wait for it to touch the resistance, it'd make a nice Butterfly if it keeps being bearish.
Entry price can be 1.2328 or current. Stop loss should be at 141.4% Fib extension.
Profit Target: Daily SMA (yellow), 38.2%/61.8% Fib retracement (not pictured), support trend lines (green).
Alt. Bat measures
B .382 - .886
C .382 - .886
BC proj 1.618 - 3.618
D 1.13
Trade closed: stop reached:
Horrible callout.
We were above Weekly and Daily Woodie pivot. Should have watched price action.
RSI 1H was overbought, but RSI 4H wasn't; we were in a good uptrend.
No more SMAs for trying to predict trend reversal. At least for me.
We were above Weekly and Daily Woodie pivot. Should have watched price action.
RSI 1H was overbought, but RSI 4H wasn't; we were in a good uptrend.
No more SMAs for trying to predict trend reversal. At least for me.