TomHall
Long

NZD/USD - Bat Pattern

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
856 4 29
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
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Pattern invalid? Or great time to enter long...?
+1 Reply
Yes the pattern was still valid to get long.
Reply
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 TOP sedemmler
Unfortunately we have to take that loss on the chin, and move forward.
Reply
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