Newbie analysis here.
As shown in the chart Bat formation.
looking to long with TP1 0.618 fib level and TP2 0.886 fib level.
Stop loss is 200 points below point x.
The trend in monthly is higher lows . currently the chart is at the trend line and waiting for entry point.
Expect to have some strong reaction from the trendline.
Showing some divergence in the...
Newbie analysis ,
I am using the harmonic pattern analysis to determine the target.
TP1 will be 0.382 and TP2 is 0.618 Fib level.
I will recommend TP1 only as there is a strong daily resistance at below the level as shown in the green box in the chart.
So currently we shall wait for entry signal at point at 1.618 level
Please do comment as i am new into analysis.
Using the bat analysis on the 1 hour chart.
The TP1 is base on 0.382 Fib retracement and TP2 is based on 0.618.
There is also an upward trend from 1day chart showing a higher low.
The Stochastic divergence is showing bullish as well.
Stop loss I decided to go 20 pip below X.
Do comment so I can learn from you all.