Hey guys,
after missing the shorting opportunity on this pair yesterday price is now back to the bottom of the chart, testing the daily structure i've drawn (yellow box). A bat pattern is completing right there and it's in confluence with an AB=CD 1,618 pattern. Also, we have some nice clues on the RSI, that's in divergence (both in the daily and 1hr chart) and in oversold condition (4H chart).
If you take the Bat as entry reason be sure to put your stop loss below the X point, otherwise you could wait for further confirmation by price action and therefore reduce your risk.
I'll keep you updated.
If you want to share your view or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
after missing the shorting opportunity on this pair yesterday price is now back to the bottom of the chart, testing the daily structure i've drawn (yellow box). A bat pattern is completing right there and it's in confluence with an AB=CD 1,618 pattern. Also, we have some nice clues on the RSI, that's in divergence (both in the daily and 1hr chart) and in oversold condition (4H chart).
If you take the Bat as entry reason be sure to put your stop loss below the X point, otherwise you could wait for further confirmation by price action and therefore reduce your risk.
I'll keep you updated.
If you want to share your view or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade active:
Entered as soon as price came back to D point.
Trade closed: target reached:
First target hit! Stop at breakeven.
Trade closed: target reached:
Out at breakeven for the second position.