russelldaily
Long

Bat or Triple Top. How would you play it

FX:EURUSD   Euro / U.S. Dollar
55 0 1
A few things happening here. A Bat with a C point at the .959 xa retracement. Or is it a triple top? The PRZ is small but is very close to the xa bottom. Myself, I am more into support and resistance than Bats that are so close to support. In this particular case, being the EurUsd             I would be wary of the Bat reversing and if it did; would it reverse to a TP1 one of .382. Regardless, this is one trade I wouldn't set a hard entry like is taught by some. Confirmation, in my opinion is strongly advised.
As far as this being a real Bat Pattern I researched Carney's book and found that he has used some C points retracements in the mid .9s. .886, as we know is the highest recommended retracement. Opinions are very welcome.
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