EURUSD - Why I will not buy this Bat pattern!

FX:EURUSD   Euro / U.S. Dollar
Hey traders, just sharing some experience I have trading harmonic patterns for 6 years now.

This is a example of a trade setup that I will not take.

We see a nice bat pattern completing around 1.10.

1. Nice round number
2. Great pattern

But no thanks!

I have learnt that taking trades only at the extremes of a H4 parallel channel increases my winning % dramatically.

For this setup, the channel is sloping down, it has not hit the extreme.

Even if this is gonna turn up, it is likely gonna be just a small reaction instead of a big reversal.

Be selective, trade well and I wish those who took this trade good luck!

Download now! –> Terry’s Week 43 Forex Market Outlook Report

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Hi Terry

How does the harmonic patterns behave during news action, do you trade if there is a news coming out like for example the NFP Report every first Friday of the month for the USD? I am asking cos I was very surprised on the EURUSD on the 20th of this month when I did an analysis but did not took much attention to it now I am reviewing my weekly analysis and I saw that the EURUSD reached a PRZ zone end retraced during the news see chart below. I just want to know from an experience trader like you if this happens often or if it was just a one-of.

Thanks for sharing your expirience

Good weekend traders.

Check out my gameplan for next week!
Turned up last night, as you said it was a small reaction. Let's wait for a signal for sell setup.
A double test of 1.1 we can could see a bigger bounce on this pair. However I am still patiently waiting for sell setups to complete.
Thanks for sharing. Very good piece of information.
Thank you for your compliments, where are you from?
Thank u ! Amazing analysis
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