Alternative bat as a test of the broken channel

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Reading the chart
After the pair broke out to the upside, it came back to test the broken channel.
Now, this breakout represented itself as a completed harmonic pattern: the alternative bat .
Also, the RSI (7) is heavily oversold and comparing this strength with the previous low (close) it tells me that the bears were sold out too soon. Therefore, this could mean a hidden bullish divergence and should indicate that the retracement upwards should continu.

Entry: 0.6581
SL: 0.6547
target 1: 0.6640. risk/reward: 1:1.74
target 2: 0.6677
target 3: 0.6737
IvanLabrie PRO
2 years ago
More than 23.6, doubtful.
If offered I'll fade it. (selling)
Mikoxl. PRO IvanLabrie
2 years ago
Yes it is a risky trade. Over the last 2 weeks there was still a lot of downward pressure. However, the bears couldn't close lower. In fact, the bulls gained a little with the closes. Nonetheless, an alternative bat at structure over should give me some profit over time.

I set my stoploss at 0.6547, but there is a wick on the 4H I'm paying attention too. Any close below could mean this setup will fail.
IvanLabrie PRO Mikoxl.
2 years ago
If in profit getting out quick is safer in general, when going counter trend.
Trend is still heavily down.
I didn't get a fill yet, was inching from my sell short level.
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