Get ready for entry, you advance pattern traders out there ! There is a structure level that could stop us reaching our D point. However it seems like the market wants to make it, hopefully it will. Also, RSI is at 30% meaning it has still some strength to go down 90 pips. If D is reached we're for a nice move up trend, target one is at 0.618 of CD move, and at previous structure. Target 2 could be at C point. Don't think it's going to make it that far but we'll see.
I have the trade case for entry and target placement in the "related ideas" section.
Good Luck traders, alphabetacharlie
Comments
alphabetacharlie
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Awesome trade !
TheBull2
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Im sorry, don't want to be rude, but I have tried to see on my chart and I don't see it. I see an AB=CD on short pattern but no crab pattern since both tops are almost equal in height leaving them on 100%
alphabetacharlie
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it's a bat pattern
TheBull2
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Well I'm not convinced that it is a Bat pattern yet. Time will tell
FXTopcat
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Thank you for your input and will be following
TheBull2
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What is your ratio on B? i get .618
alphabetacharlie
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0.5
TheBull2
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Sorry, I get .382 taking a measure from A to X and not .618 as i mentioned before. And from point A to B i get .782 of C. And it has to surpass B and down to 1.618 of XA leg. Its to early to mention that it is a bat pattern.
alphabetacharlie
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Retracement from X to A is 0.500, the bat pattern has not a AB=DC however, AB is parallel of CD.
D is at 0.886 of XA retracement. I think you are wrong in your fib measurements.
TheBull2
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I have not said the bat has a AB=CD, there is a AB=CD if you look closely :) And D is not even formed yet :) ANd you are right about the .5 ratio. However i think you should wait if there even going to be a D