I have marked an entry zone green box, as we can see here there as some extra things to look at in our analysis. This is a valid BAT as it has gone past the 50.0% for the B leg but it hasnt touched the 61.8% only just.
What we can see here are the following things which adds more signals to help build a better case for going short.
- ADVANCED PATTERN COMPLETION @ D - 88.6%
88.6% - FIB EXTENSION A TO B MOVE - MINOR 1.414%
CLOSE TO EVEN HANDLE 124.000
CLOSE TO D COMPLETION - - EQUAL LENGTH MOVE - PURPLE
STRUCTURE BASED MOVE - COMING UP TO TEST THE STRUCTURE USUALLY INDICATES STRUCTURE BASED TRADERS WILL SELL
As always traders on screen color coded for easy to understand
- Green Entry: 88.6% - Make sure to check your Data on your trading platform as the entry may be slightly lower than Trading View its the difference between BID and ASK or Buy and Sell trades.
Stops: Minimum Level needs to be above X leg 1.113%
Initial Target 1: 38.2% Retrace From A to D completion - Target to be adjusted on D Completion
Initial Target 2: 61.8% Retrace From A to D completion - Target to be adjusted on D Completion
Keep your limit order just above the target level to ensure your target is reached.
Second stop will be moved to the Break even - Entry level when target 1 is reached
Good Luck and happy trading next week.