An Update to the Bullish Bat on EURUSD perviously posted.
Have been waiting for the price to touch the PRZ since the start of this week. It has been a long wait with the chances of it being very slim.
Let's recap the Bullish Bat fundamentals.
1. 0.382 retracement of the XA leg at B. It happened at 1.11649.
2. 0.786 retracement of AB leg at C. It happened at 1.12319.
PRZ:
3. 0.886 retracement of XA leg at D (1.1052) is the trigger to open long. Has not happened. This is the most critical point in the Bat pattern PRZ.
4. 1.27 BC projection at D (1.10563). Which has also not happened.
However the price changed direction several times at 0.786 retracement of XA leg at 1.10746.
Let's hope it touches 0.887 XA retracement today owing to the hold on a rate cut by the Fed.
Else will open a long position at 0.786 XA projection at 1.10746 or 1.618 AB=CD projection at 1.10939 with stop loss at 1.1055 and 1.10746 respectively.
Daily Pivot also at 1.10939.
Note: D at 0.786XA is not a valid BAT pattern. However, in light of bullish economic data from the EURO zone and the price refusing to move beyond 1.1074 for the past few days, am willing to take the risk with a tight stop-loss.
Let's recap the Bullish Bat fundamentals.
1. 0.382 retracement of the XA leg at B. It happened at 1.11649.
2. 0.786 retracement of AB leg at C. It happened at 1.12319.
PRZ:
3. 0.886 retracement of XA leg at D (1.1052) is the trigger to open long. Has not happened. This is the most critical point in the Bat pattern PRZ.
4. 1.27 BC projection at D (1.10563). Which has also not happened.
However the price changed direction several times at 0.786 retracement of XA leg at 1.10746.
Let's hope it touches 0.887 XA retracement today owing to the hold on a rate cut by the Fed.
Else will open a long position at 0.786 XA projection at 1.10746 or 1.618 AB=CD projection at 1.10939 with stop loss at 1.1055 and 1.10746 respectively.
Daily Pivot also at 1.10939.
Note: D at 0.786XA is not a valid BAT pattern. However, in light of bullish economic data from the EURO zone and the price refusing to move beyond 1.1074 for the past few days, am willing to take the risk with a tight stop-loss.
Comment:
A cup and handle pattern confirms the opening of a long position...
A cup and handle pattern confirms the opening of a long position...
Comment:
first buy limit at 1.1067 opened... no stop-loss as yet...
Comment:
After a week long wait... the price has finally touched the most critical level in the structure...).887XA retracement at D.
All set for the reversal now...
All the best...
All set for the reversal now...
All the best...
Comment:
Awesome... 58 pips already... will close partially at target 1
Comment:
Closed 3 out of 5 positions ... price has gone into consolidation at 1.1145 which is 0.5 retracement of the CD move ... 93x3= 279 pips... Im sure with all the Trump comments the price will move beyond 1.1230...
But like they say... A bird in hand is worth two in the bush... Will hold the remaining two positions till that.
Extremely happy with the result... Have a cheerful weekend folks... hope you all made a good profit too...
But like they say... A bird in hand is worth two in the bush... Will hold the remaining two positions till that.
Extremely happy with the result... Have a cheerful weekend folks... hope you all made a good profit too...
Buy limit also placed at 1.1167 which is Support two after the daily pivot.
Buy limit also placed at 1.1054 which is 0.887 XA retracement on the chart.
No stops placed yet. Will update on the stop situation after the ECB minutes...