Description
⋅ We've got another bat formation on the daily chart, this time we're looking at USD/CAD.
Price is 300 pips away from the PRZ so this is one to keep on the watch list... It has a lot of potential.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
XA Retracement: 0.886
We're looking at a 1.618 AB=CD, 2.0 BC and 0.886 XA in the PRZ for this particular setup.
Right now I'm paying close attention to NZD/USD which can be found in the related ideas.
Enjoy your weekend everyone!