Hate to admit it, but I totally missed this bat pattern. I spotted another bat on the 15 minute timeframe, this time we are looking at a 4h chart.
Remember, you need to have an open mind to trade and be very flexible with your analysis, I think this is probably the hardest part for most people simply because: Perception is reality.
The bat pattern on the 15 minute timeframe broke below A-point, which means that we could potentially see an extension take place, probably about 1.272 or 1.618. 1.618 is most likely imo.
I decided to take a short entry this morning when I saw the double top forming on the 1h timeframe, so I began searching for details I might have missed. Thats when I spotted this bat pattern.
Hoping to see a profit target of 61.8% retracement plotted on the chart.
Holding risk free shorts with stops at BE. Entry price was 1.09564. Looking to target 1.085, roughly 100 pips. The initial stop for this trade was 4 pips, no drawdown. After the spike down I quickly moved stops up to breakeven.
Good luck to all trading EUR/USD !!
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Entered short again at 1.09475 using roughly 6 pip stop
Trade active
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Moving stops to BE on 2nd trade. Now holding two risk free trades at 1.09564 and 1.09474. Still hoping for a 1.085 target. Will let the trades play out and see what happens. Good luck to those following !