A bat pattern has shown up but is not the setup that I will trade as Point C touches Point A. What's your view on this?
This trade is kinda unique as is a pattern over pattern. For me, I spotted the shark pattern(grey) before the bat pattern(pink) therefore I will trade as per shark pattern. It is a counter-trend setup and with such a recent strong bearish candle, engaging such trade needs to take additional precaution and additional confirmation may require.
On the daily chart(right) an emerge bullish bat pattern is on the way and on the 4-hourly chart(left) the bearish bat pattern is emerging. So what should you be doing? That's when 2 important things come in place. 1) Filters and trade plan: this removes emotion and uncertainty in trading. 2) Overall market fundamental analysis, in this case, US Economy vs Japan...
A type 2 Bat has formed up, so what is a type 2 bat, it simply means a retest of the entry level of the bat pattern. Although if the Bat has hit the 1st target during the setup and it is also a counter-trend move, it is not my favourite bat setup for a retest as some traders might have already exited this trade (losing the force to push it up) . In this...
The counter saw two critical events back to back - The Australian election and the RBA minutes. Both presented diverged trade ideas and the market embraced with open heart. The gap up move which failed to hold the momentum amid RBA minutes has fallen back to its lows. And the setup is likely a Bullish Bat pattern. The stochastic indicator has flattened at the...
The intention to long the gold just like the post yesterday stays the same. We are supposedly expecting an ABCD pattern near 1290 and that price will continue to climb. However, the price fell too fast and more than what's needed, yet another formation appears which still favours the bulls - a bullish bat pattern. The completion of the bat pattern is part of a...
GBPUSD is showing a downtrend movement on the daily chart. On the 4-hourly chart, the market does show a possible potential head and shoulders. I will definitely need to wait for the candle to touch the read shoulder before I can engage. On the smaller timeframe, you can see the blue bullish bat pattern. I have already engaged this, thought market move back to...
Bullish Bat setup on Point C of Shark Pattern. As this is classified under counter trend trade targets for my 2nd target can't extend to shorting price for the bearish shark. A trade that may not have a great win rate but great Reward:Risk.
Bullish Bat forms on previous support, great consideration to long. Target1 1:1, trade already engaged. THis trade I will be taking the traditional targets and let's see how this trade develop.
Trade with caution. Good luck.
Bullish Bat Potential Reversal Zone. Lend having its first reaction after this terminal bar ensuring the completion of the Bullish Bat. I also made a Elliott Wave count on RSI : I think we have got the 2d impulse wave. Targets and stop loss are identified. With an entry at 178 sats, you get a 4.11:1 risk/reward ratio. Good luck and good trade everyone, Zakaidze Omar
BITFINEX:ETHUSD Monthly Analysis - Adjustment Potential Bullish Shark Pattern AC 1.13-1.618 XD 0.886 Potential Bearish Butterfly Advanced Pattern AC 0.382-1 XD 1.272 Potential Bullish Bat Pattern 0.886 Expanded Flat Corrective Wave (ABC) Support and Resistance Levels Moving Averages Fibonacci Retracement Levels This is an adjustment from the...
A Bat Pattern is a Harmonic Trading formation. If EUR/USD starts reversing at 1.12111 it could be forming the D leg extension of a Bullish Bat Pattern. Let's see what happens. I'm waiting for signs of a reversal at 1.12111 then I will enter a long position up to 1.14000