I just put out my "Weekly Forex Preview" video. In this weeks video, I go over a few different currency pairs, that have potential advanced patterns setting up on them, like the EurUsd. On the chart here, we have two potential patterns. First we have a very deep completing "Gartley" pattern. This pattern will complete @1.1056. Now I personally use a 1 ATR based stop for Gartley patterns, so in this case I will have a better than 3:1 reward/risk ratio for target 1 and a little more than 5:1 reward/risk ratio for target 2. Make sure you set your stops according to your trading plan rules.
Now after the Gartley pattern we have a potential Bullish "Bat" pattern that will complete @1.0999. Now I personally always front run my limit orders by 5 pips when trading on the 240 min TF. In this situation, you might want to think about doing that since this pattern completes right at the psychological 1.1000 level. Now using the same 1 ATR based stop, we have almost a 2:1 reward/risk ratio to target 1 and we have a little better than 3:1 reward/risk to target 2. As always, follow your trading plan and your rules.
If you want to see how I break down this chart, and others like it, you can check out my video on you tube.
https://youtu.be/k4d4EdMz8sM
Good luck and Good trading this week in the markets!
Now after the Gartley pattern we have a potential Bullish "Bat" pattern that will complete @1.0999. Now I personally always front run my limit orders by 5 pips when trading on the 240 min TF. In this situation, you might want to think about doing that since this pattern completes right at the psychological 1.1000 level. Now using the same 1 ATR based stop, we have almost a 2:1 reward/risk ratio to target 1 and we have a little better than 3:1 reward/risk to target 2. As always, follow your trading plan and your rules.
If you want to see how I break down this chart, and others like it, you can check out my video on you tube.
https://youtu.be/k4d4EdMz8sM
Good luck and Good trading this week in the markets!