With last week's price action , nothing has changed in my longer term analysis of this pair.
In this UPDATE, I am now adding a POTENTIAL pattern that also formed due to last week's price action . This bat is inside the meaning that it's range and take profit targets are all contained within the range of the . It can be expected that the bat will both complete and reach it's profit targets and would not invalidate the . In fact, I would expect that prices may complete the bat, retrace to reach at least target 1 of the and then resume downward momentum to complete the or just stop short of it at the .382 level of the larger .
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If you are using the BAMM method to enter PRE-PATTERN trades (remember, these patterns DO NOT EXIST until the D point is reached!) then you must be conscious of the R:R for the BAMM trade. My trading plan calls for me to only take trades (regardless of entry method and type of trade) that have a 2:1 R:R or better. So many times, BAMM trades do not fit my trading plan R:R.
Now having said that, if I am trading on a larger TF, say the 4HR TF, than the R:R and potential pip profit may be worth the risk of the trade. Then I will also look at the current price action and try to find other supporting reasons why I should take the trade and not just because it's a valid BAMM entry. Make sense?