TomHall

EUR/USD - BAT PATTERN

FX:EURUSD   Euro / U.S. Dollar
EUR/USD - 4H Chart - Bat Pattern


Here on the 4h chart of EUR/USD             we have nice Bat Pattern setup.

We have to be cognizant of the Greece situation, however it shouldn't effect our trading plan.
Due to expected volatility a sell limit order will be set closer to the D leg completion.

We must see a completion at D leg ( 1.123 ) before any short entry is triggered.

- SL must go above X
- Target 1 at 38.2% retracement
- Target 2 at 61.8% retracement

Good luck.
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If everybody thinks it is a bearish bat pattern, then it won't play out as a bearish bat pattern ... :)



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One of the best comment. This one trader right here will make money!
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Don_Corleone PriceActionTrading
True
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hello, nice bat, i found another one wich is confluent with my D1 bias of a triangle. Wich one will work? its always a dilemma when trading harmonic patterns because the market is fractal and the fib ratios are happening at the same time on all timeframes...

+1 Reply
TomHall FullTimeTrader
Hi,
For me personally it all depends on how aggressive the price enters your price reversal zone.
If for example the market its creeping up and its also making bearish divergence on the RSI, then i am looking then for more confluence as to why i should short it.
If however the price has a huge bullish candle in your potential price reversal zone then i would hold off and await for more solid conformation.
I hope this helps a little.
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I think this one is more probable.
The momentum will look off for a bearish triangle if it hits the alt bat high.
+1 Reply
TomHall IvanLabrie
We will have to wait and see into early next week now i think.
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Thanks for sharing your ideas, i agree CONFLUENCE is the key, personally i use harmonic in confluence with elliot waves and strong levels of S/R at higher TF. On my setup i have a D1 trendline resistance and the EW rule that wave E cannot go beyond wave C.
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TomHall FullTimeTrader
No problem at all.
I don't personally trade elliot waves, i am more of a harmonic, pattern and S/R trader.
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If that rsi trendline is broken, it might go higher.
+1 Reply
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