This pair looks to have resumed its downtrend and I am looking for a retest of the formed bottom.
1 HOUR
Bat pattern, ABCD, 1618 extension have formed within previous trend structure.
Dont trade patterns in isolation but do take them with other confluences in trend continuation situations like this one.
4 HOUR (see screenshot)
Price has failed to hold above the daily 50 EMA a few times. The bat pattern completes at second shoulder of an HS pattern + aligns with the 50 EMA for further resistance to place stops above. Stops are calculated using 1ATR on the 4H.
1 HOUR
Bat pattern, ABCD, 1618 extension have formed within previous trend structure.
Dont trade patterns in isolation but do take them with other confluences in trend continuation situations like this one.
4 HOUR (see screenshot)
Price has failed to hold above the daily 50 EMA a few times. The bat pattern completes at second shoulder of an HS pattern + aligns with the 50 EMA for further resistance to place stops above. Stops are calculated using 1ATR on the 4H.
Comment:
4H view
Trade closed: stop reached:
stopped due to high spread