EUR.USD - Bearish Bat Setup - 1.131

FX:EURUSD   Euro / U.S. Dollar
On the EUR.USD 1hr chart we have a potential short opportunity at the D leg completion of a bearish Bat setup.

The price reversal zone on this pair is between 1.131 & 1.133
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Bat Setup placed at the .382% and .618% retracement of the A to D move.
There is also opportunity to look for extended targets at around 1.115
Stop loss would be placed above X leg structure resistance .

Target 1 - 1.124
Target 2 - 1.119
Very nice trade ... :) I love harmonic setups
Very nice trade, always prefer pain-free winners like this one.
My calculation of PRZ is between 1.1313-1,1404 let's see...
+1 Reply
TomHall Poseido2Gabriel
It is certainly possible.
Have a good trading week.
+1 Reply
Thanks Tom - one question, why did you decide to use that specific X point as opposed to the higher high at 18 August 2016 which then creates a larger bat pattern? Just trying to learn, thanks.
My Pleasure.
When identifying patterns i am looking for impulse legs, which you can see from 26.08.16
If you look at the 18th the price had already consolidated so for my personal strategy it would not be a valid X leg.
+1 Reply
SM_001 TomHall
Cool.....that makes sense. So, basically you need to have a definition of impulse leg that you personally are comfortable with and trade the patterns rom there.

Thanks again!
That's correct you must stick to the rules you have once your backtesting is done.
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