11021992

XAGUSD 2 potential bat patterns forming

FX:XAGUSD   Silver/U.S. Dollar
9 months ago
Hi all,

After watching my previous XAGUSD             pattern fail - the C leg got broken - I am now looking at a new entry point on this pair. Actually found two. Completions of these patterns is at the point D.

Red bat pattern:
Entry: 13.88
Stop: 13.36
Target 1: 14.567
Target 2: 15.060

Blue bat pattern (please note that the stop is pretty high, and therefore makes a lower risk : reward ration than 1)
Entry: 17.33
Stop: 18.512
Target 1: 16.343
Target 2: 15.621

Will keep these charts updated when something happens
Best of luck!
8 months ago
Comment: Red pattern invalid.
Blue is still valid.
DownUnder
9 months ago
just a newby question, At what stage do we confirm which patern will be forming ?
Reply
11021992 DownUnder
9 months ago
Mainly the AB leg. If it's a retracement between the 50% fib and the 61.8% fib, then it's a bat pattern.
If its a retracement between 61.8 and 78.6 retracement, its a gartley pattern.

So basically I start with looking for any retracements happening that go further than 50%.
Pattern is completed at point D.
Reply
DownUnder 11021992
9 months ago
Thanks for the explanation, much appreciated.
Reply
11021992 DownUnder
9 months ago
You're welcome.
If you need any help, just send me a private message.
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DownUnder 11021992
8 months ago
Blue bat looks more likely now, on the way up I guess :-)
Reply
11021992 DownUnder
8 months ago
It's a daily chart, so it might take a while. Everything is still possible :).
Reply
DownUnder 11021992
8 months ago
very interesting position we are in now, lets see what happends tonight :-).
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