EUR/AUD - Bearish Bat
Updated
What's up everyone, here we have EUR/AUD with a bearish bat pattern on the 4h chart.
Excellent opportunity with almost a 1:4 risk to reward.
This is a re-post but I would like to highlight the importance of the resistance zones shown in grey.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Don't forget to follow me on social media :)
Excellent opportunity with almost a 1:4 risk to reward.
This is a re-post but I would like to highlight the importance of the resistance zones shown in grey.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Don't forget to follow me on social media :)
Trade active
Note
Remember we have the EUR interest rate statement in less than one hour, be careful trading any pairs including this currency.Note
Just a quick update on my outlook for this currency pair, I see a move back down to the major support level below the 0.382 retracement level.Once this happens we will analyse the pair further to validate a further decline to 0.618.
📈 Master the Art and Science of Trading: sixfigurecapital.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.