NZD/USD - Bat Pattern

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
857 4 30
NZD/USD - 1h Chart - Bat Pattern

The D leg of the Bat Pattern will complete at .6505, this area also has a cluster of Fibonacci's giving more confirmation to look long short term.

Price has now broke and closed below the the B leg support level , this should now act as resistance before a move lower.

Taking a Fibonacci of the C to D leg gives us a .382% Target 1 at .6554 which is a perfect area to take of half of our position and move stops to break even.

- Stop Loss below X
- Target 1 at . 382 Retracement ( Once Target 1 is achieved, half of position taken off and SL moved to break even )
- Target 2 at . 618 Retracement
Looks like you got stopped out. Too bad, without the Yuan devaluation screwing it up, you seemed on point on this call. Nice job, still.
+1 Reply
TomHall sedemmler
Unfortunately we have to take that loss on the chin, and move forward.
Pattern invalid? Or great time to enter long...?
+1 Reply
Yes the pattern was still valid to get long.
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