Nico.Muselle
Short

EURUSD - a little retracement after bat completion @ 1.1580

FX:EURUSD   Euro Fx/U.S. Dollar
The EURUSD             pair has been gaining some pips and seems to try to reverse the downward trend.

I drew in this bat pattern on a Renko chart because it looks a bit cleaner than on the standard candle chart. Completion as always for a bat pattern is at the .886 retracement of the impulse leg.

You'll see that I drew in 2 X-points to show that it doesn't really matter which one you choose to determine the .886 retracement.

D falls at the confluence of
.886 retracement of X1 - A leg
.886 retracement of X2 - A leg
.618 retracement of Y - A leg
1.618 extension of A-B leg

A reversal at this point could bring us back to the .382 retracement of AD (163 pips) - which aligns nicely with previous structure high (B). Given the buying pressure the second target at the .618 retracement is less likely to be reached. Nevertheless, If you roll the stops to Break Even after reaching target 1, you can still aim for target 2 (265 pips) without running any risk.

Stops as always go above X according to your personal trading plan but I would certainly advise a minimum of 20 pips in this case, which would place it around 1.1660 (80 pips)

All in all, a nice potential setup with a 2/1 RR for T1 and bigger than 3/1 for T2.

May the pips be with you !

Good setup and explained very well! Too bad TV cannot load new bars for Renko charts, you may want to give an update yourself here after this played out? Good luck!
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Nico.Muselle MOD JasperForex
2 years ago
Yeah, you need to have a Pro Plus account in order to load those bars. But I will update the idea if and when the bat completes. Thanks for your comment !
Reply
JamesDixonTobots
2 years ago
Lovely one bro, got out at 1.14050 before the bounce, got to decide now rather to jump back in ; }
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