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lyl89

USDSGD - Bearish Bat Completed on H4 Chart

Short
U.S. Dollar / Singapore Dollar (OANDA:USDSGD)  
lyl89 Updated   
OANDA:USDSGD   U.S. Dollar / Singapore Dollar
USDSGD usdsgdshort Bat Bearish Bat Harmonic Patterns harmonicforex
6
0
usdsgd usdsgdshort batpattern bearishbat harmonicpatterns harmonicforex
  • Price is currently at trendline resistance level
  • At the same time, a bearish bat pattern has completed
  • RSI is also at overbought level
  • Good R:R at 1.8 (TP1) and 3.1 (TP2)

Wait for current candle to close and observe the next candle.
Comment:
Price had broke trendline resistance level, pattern is not valid anymore.
I am now looking to long instead as I have spotted a bullish flag pattern.

How to trade the bullish flag pattern?
1) First identify an instrument in a strong up trend (flag pole)
2) This price consolidation becomes the ‘flag’ of the pattern
3) If the retracement becomes deeper than 50%, it may not be a flag pattern
4) Look for prices to break higher with a length equal to the size of the flag pole

snapshot
Comment:
Spotted a bullish bat pattern completed on H1 chart, check it out.
snapshot
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