Shorted the green Bat pattern last night on the 15min chart. Was not disappointed, currently +30pips. Will try to ride this wave all the way down to 1.26535 which should complete the next pattern. The blue line represents a support line that I identified.
Entered this trade yesterday. Cypher pattern completed at 4073, my limit order was hit. Stops went slightly below previous structure low at 4055 and TP target going to the 61.8 retracement. RSI shows signs of divergence too.
I've been keeping an eye on this bat pattern for a while now. Opening up a position at the 450 range with a TP at 593.77 - the 61.8 retracement - seems like a sound trading opportunity. We have some structure at the 450-430 level. RSI level shows oversold condition.
Several bear patterns are forming on this pair but will go for the bat at 102.11. Aggressive Target will be on the 50% retracement. For a more conservative target I'm looking at the 38.2%. Both levels show past structure. Stops above the X leg.