Shown is an emerging Bat Pattern coming out of a very strongly trending bullish reversal. Short entry / TP at 'D' completion point.
Target 1 is .382 of CD
Target 2 is .618. of CD
The risk reward on this trade is decent at 2.74, with stops shown at about $18.80 USD for Mega bullish move. In such a situation, I'd expect to see action reach for the upper resistance line, at about $20.
Trade closed: stop reached:
This long trade was wildly successful. Unfortunately the Short entry we were looking to take at the D completion was blown clean out of the water by price action hitting my posted stop. We could still see pull back to support but the advanced pattern shown above should no longer be considered viable. Cheers!