EURUSD Completed Bullish Bat; Next Bearish Bat or Butterfly?

Since the completion of the Bullish Bat price came within a pip of TP1 (I did not catch the formation of the Bat until about an hour too late unfortunately). However it may now be forming a bearish Bat pattern with a completion point right around TP2 of the previous Bullish Bat Pattern. This may happen overnight when I am asleep so depending on what happens before then I will decide whether to place a limit order at that price.

Depending on what happens after the first Bat, I will also look for the formation of the bearish Butterfly pattern around 1.0664 (as long as the price does not break 1.06075)

Note

What do you know, another Bat!

For the record I did not take the small Bat trade because I was heading to bed and wanted to be able to see price action around the entry point. I did place an order a little above the D point of the butterfly but that didn't get picked up. Now I will be looking to enter long @ the completion of the pattern around 1.0617-1.06175

Trade active

Note

I've never used the Pitchfork tool before so I have no clue if I am using it correctly. but it would appear price bounced from the median line

Note

I got stopped out on the previous Bat pattern. I then noticed this Bullish AB=CD so re-opened the trade. Stops and targets shown by the dashed horizontal rays.

Note

Targets have been adjusted based on the current D point of AB=CD pattern -- targets 1.0654 (sell half and breakeven) and 1.0692

Trade closed manually

I closed my Euro contract this morning at 1.064 (around 1.063 on here) as I am more bullish DXY and bearish Euro on the larger time frame. I will watch for next opportunity.

SharkbaitAl

Also on:

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.

SharkbaitAl

Also on: