Forex markets throwing bats across the board this month- here's the layout on the pound-frank.
The pair isn't really going anywhere, gallivanting aimlessly sidewards since the turn of the year. That said, lows have been getting ever slightly higher over the past 3 weeks; shall this continue, we should see another low at 1.243. A reversal at this price would see a reach to 1.256.
Although this is a bat, the ratios alone would dictate that this could also be a crab. The red ray shows where a 161.8% extension would find itself. I thought this would be worth noting, since somebody else has probably already picked that up as well. However, general security levels and recent lows favour the bat motion.
As always, keep it at least 1:2.
Bat Ratios
AB: 0.382-0.5
BC: 0.382-0.886
CD: 1.618-2.618
XD: 0.886
The pair isn't really going anywhere, gallivanting aimlessly sidewards since the turn of the year. That said, lows have been getting ever slightly higher over the past 3 weeks; shall this continue, we should see another low at 1.243. A reversal at this price would see a reach to 1.256.
Although this is a bat, the ratios alone would dictate that this could also be a crab. The red ray shows where a 161.8% extension would find itself. I thought this would be worth noting, since somebody else has probably already picked that up as well. However, general security levels and recent lows favour the bat motion.
As always, keep it at least 1:2.
Bat Ratios
AB: 0.382-0.5
BC: 0.382-0.886
CD: 1.618-2.618
XD: 0.886
Trade closed: stop reached:
Stop loss reached at 1.2345
