fximperija
Short

Bearish EURUSD?

FX:EURUSD   Euro / U.S. Dollar
268 5 2
Nice to have multiple win. for same currency, comes in handy to evaluate different setups emerging on same pair.

1. Bear bat small
Already triggered @3635 with expectation that the price will stay inside the bearish channel . The pattern is draw from the lower point of the bearish impulse leg, minor res. line, completing into the lower boundary of PRZ.

2. Bear bat big
Same pattern type but drawn from the high using the whole range of the bearish impulse leg. The completion comes into the higher boundary of the PRZ testing the previous high with potential to break it creating a new HH outside the bearish channel which might suggest a trend change.

3. ALt. bear bat small
The completion of this pattern comes right into the S/R zone. Entry should be carefully observed and performed upon PA. PA might turn south at this point at res. or cont. to complete the bigger bat pattern .

Conclusion
These 3 same pattern types suggest a bearish PA behavior.
EU is is around 37 and PA might behave according to the big bearish bat from chart. Another possibility is rally up into 38's where a new pattern (bearish butterfly) might be completed.
Reply
Fximperija - what is the failure with this try - critique please. I used ganz square overlay to give perspective with the pattern
Reply
Well, first of all, you have only a strong impulse leg which ret. to 38.2 fib. at the time of answering you. Impulse leg (XA) should be observed from recent low (resp. high) not from the middle of leg. Also a ret. might go deeper, 50, 61.8, we don't know yet. Imo, look for a pattern when you have an impulse leg (XA) a ret. (AB), leg (BC, C closing lower than A) and another love toward B. At that stage you might consider a pattern forming. At this stage you have nothing, sorry, you have ret. back into structure which could stop and cont. rally up or cont. down.
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Nice charting fximperija. Do you use this style consistently
Reply
Thanx. You mean, do I use harmonic patterns? Yes I do. My swing trading is based on harmonics and S/R.
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