We have bat pattern
completion on 1 hour time frame. Currently the market is heavily bearish
, so there is a possibility of this pattern to fail. Market is currently at D point completion, where we also got ratio confluence. Probably a conservative approach to this trade setup will be helpful. Good idea to wait for a deeper D point completion in the previous double bottom
region and wait for the market to give you extra conformation, within that region. RSI
will also be in the oversold region. It's better to wait in this situation rather than jumping into it in a hurry.
NOTE: We also got FOMC meeting news coming up at 2 pm. Keep this in mind.
Trade safe and Good Luck!!