Bullish Bat Pattern within a bullish channel for EURUSD. RSI below 20 within 7 periods indicating a clearly oversold condition.
Targets from:1.1394 -1.14368
Why I believe in going long in order of importance. 1)Strong RSI oversold indication. 2)Within the range of a bullish channel. 3)Potential Bullish bat pattern completion.
I must add I am rather new to this and that is my very first idea published. I would appreciate any constructive criticism with reasonable arguments.Hope you see reason in my thoughts and rationale.
You did not do bad here the only thing that I would add is the event risk increased the probability of a short position. In other words, a long position was fundamentally sound in the short term, however event risk changed the fundamentals because the Fed did not take the rate hike in Dec. of the table. Since they were so hawkish the bearish pattern was the only option coupled with Draghi's comments. Always try to factor in event risk because the market will change in the blink of an eye on sentiment or how people feel about certain data and/or events. Happy Trading!
YoungFxWolf
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Thank you for your answer , I learn from my mistakes and I appreciate your interest!