I wanted to share this potential Bearish Bat Pattern Setting up here.
Again ENTRY GREEN - STOPS RED
We will be looking for price retrace levels at 38.2% and 61.8% for our targets.
Keep your entry just below 88.6% and Targets just above the 38.2 and 61.8 to make sure order is filled and targets are hit.
Also keep a look for a Stop Reverse Bullish Cypher if this pattern Completes.
I will post it if I have time - many times we just dont have the time to post all of our active trades. Depending on how fast we see price movement.
I have marked a Bear Cypher - but I will be entering BAT based on Structure
Also Check your Data on this with your Execution Platform - FXCM BID Data shows the B leg missing the 61.8 making it a valid BAT which is the Data we use for all Sell Orders - If you have the ASK Price clicked then price hits the 61.8% so you wouldnt recognize it as a BAT Pattern.
Very Important for validation - BID for Sell - ASK for Buy
Hi Traders - keep your eye on this pair for a Stop and Reverse Cypher Trade - Would be a Buy @ just above 119.39's with Targets 1 119.80's and T2 @ 120.10's - and If you see below Dada has a projection price being pushed further down - we could quite easily hit T1 for Reverse then continue downwards. Keep on it actively predicting these key levels With the current trade for Cypher you may even actively trail stops and put your T2 Limit just above Entry for the Bull Cypher.
Oztrade
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This trade showed a DB in 15M with RSI Divergence - trade exited with T2 almost Hit for a Total of +125 - good job traders who held to this T2
TimBrent
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good job oz ^^ i am still holding my position after the great doji on the 1H. waiting to fill my target on the D point of the potential cypher :D. great work
Oztrade
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Thanks - yeah we have a possible Short opportunity on 15M looks to be a BAT PATTERN - As long as we dont break the C leg the Bull Cypher should be still Valid - I dont trade the 15M PATTERNS Though - I generally stick to the one TF as its in my rules and thats what I have Back tested and Forward Tested. I use LTF for confirmation on HTF trades as well. All the best
RanaFx
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wao great idea
Oztrade
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T1 Hit now Stops rolled down to break even
TimBrent
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It is a Lower Low Lower Close. and it could be a head and shoulders on the 15 M chart. lets see where it gets
TimBrent
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i have opened a short position.
my view:
Oztrade
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Thats just great - hopefully we have millions of traders all seeing the same thing hence the Bears come on Board to push it down for us. Good work Dada Im also short now filled on the Cypher based on some other analysis.