Oztrade
Short

EURUSD - BEARISH BAT - 240M - ADVANCED PATTERN - FIB CONFLU ABCD

FX:EURUSD   Euro Fx/U.S. Dollar
Hi All,

Again we see another potential opportunity for a shorting position here on EURUSD            

In a recent post I mentioned how I believed the FOMC would push this pair to 1.1400's

This has presented us with this Bat Opportunity

Fibonacci Confluence - 127.2 and minor 141.4 along with our 88.6% D completing all around the psychological even handle number 1.15000 - we also have an AB=CD completion - and in LTF we may even have a three drive move just from eyeing this up where price is now.

We have previous major resistance levels which we should see the bounce off as well.

I have marked some extra green lines so we can see how price reacts here.

Trend continuation traders should be taking profits and selling off at these levels and you can see our targets are right back at Structure - which lines up perfect with our Fibonacci 38.2% and 61.8%

Also the reason I have chosen this X leg is because it is a structure level and it is an Impulse Leg.

As always RED STOP LEVEL - GREEN LIMIT ORDER ENTRY LEVEL - BLUE TARGETS or (LIMIT)

Good luck traders and happy trading hope my insight on this provides some help.
Are we going to point D now?
Or to TARGET 2?
Reply
Oztrade michraz
Hi Michraz, looks to be we missed to D completion entry - if you follow the green line across where price bounced off it hit a previous structure level before our D completion point - if price continues upwards without violating our A Leg then this pattern is still valid. If price continues lower there is a Bullish Cypher Pattern formed and you could look to get long @ 1.1170 with the anticipation it will head upwards to our D completion. If you want me to post the Cypher Pattern with Target points let me know.
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