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
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...
UnknownUnicorn180388
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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.
IvanLabrie
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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.
UnknownUnicorn180388
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We will have to wait and see into early next week now i think.
FullTimeTrader
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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.
UnknownUnicorn180388
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No problem at all.
I don't personally trade elliot waves, i am more of a harmonic, pattern and S/R trader.
IvanLabrie
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If that rsi trendline is broken, it might go higher.
UnknownUnicorn180388
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Nice setup mate.
Akil_Stokes
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Nice one, waiting on this myself too.
UnknownUnicorn180388
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Best of luck.
I also would like to say what great work you do online.
I don't manage to keep up with much content due to being busy, but certainly your the guy driving useful knowledge to the wider audience.
Keep up the great work.