Here we see a bat pattern formed inside the walls of the linear regression line. I belive this gives us enough evidence to institute a price action style harmonic trade.
I have placed my entry at current market price because it gave me the opportunity for a 2:1 risk reward ratio; although i do believe that the market could continue in uptrend for a few more pips.
I have placed my stop at previous structure , in this case , being the top of the Bat pattern; because i know that if the market breaks that structure, the pattern is a bust .
I have placed my limit at the 1.618 extension of the BC leg, for the normal consistency, but also because the market appears to be missing that negative standard deviation line by a few pips, and i want to make sure i get closed out before the market consolidates or reverses.
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Thanks again, Goddnight and Good Trading
I have placed my entry at current market price because it gave me the opportunity for a 2:1 risk reward ratio; although i do believe that the market could continue in uptrend for a few more pips.
I have placed my stop at previous structure , in this case , being the top of the Bat pattern; because i know that if the market breaks that structure, the pattern is a bust .
I have placed my limit at the 1.618 extension of the BC leg, for the normal consistency, but also because the market appears to be missing that negative standard deviation line by a few pips, and i want to make sure i get closed out before the market consolidates or reverses.
Thanks for checking in, As always like and comment if you agree or disagree(respectively ).; And if you want to see more, please follow me for at least one idea a day!
Thanks again, Goddnight and Good Trading