60minutes
EURUSD - a little retracement after bat completion @ 1.1580The EURUSD pair has been gaining some pips and seems to try to reverse the downward trend.
I drew in this bat pattern on a Renko chart because it looks a bit cleaner than on the standard candle chart. Completion as always for a bat pattern is at the .886 retracement of the impulse leg.
You'll see that I drew in 2 X-points to show that it doesn't really matter which one you choose to determine the .886 retracement.
D falls at the confluence of
.886 retracement of X1 - A leg
.886 retracement of X2 - A leg
.618 retracement of Y - A leg
1.618 extension of A-B leg
A reversal at this point could bring us back to the .382 retracement of AD (163 pips) - which aligns nicely with previous structure high (B). Given the buying pressure the second target at the .618 retracement is less likely to be reached. Nevertheless, If you roll the stops to Break Even after reaching target 1, you can still aim for target 2 (265 pips) without running any risk.
Stops as always go above X according to your personal trading plan but I would certainly advise a minimum of 20 pips in this case, which would place it around 1.1660 (80 pips)
All in all, a nice potential setup with a 2/1 RR for T1 and bigger than 3/1 for T2.
May the pips be with you !
EURAUD - Two Gartleys One CypherLooks like EURAUD is giving multiple signals to sell. RSI is now in the overbought zone. But which pattern to take?
Bearish Gartley(Blue)
Entry - 1.45153
Stop - 1.46240
Target 1 - 1.43379
Target 2 - 1.42283
Bearish Gartley(Purple)
Entry - 1.43251
Stop - 1.43400
Target 1 - 1.41859
Target 2 - 1.40999
Bearish Cypher(Orange)
Entry - 1.43101
Stop - 1.43250
Target 1 - 1.41767
Target 2 - 1.40942
AUDUSD SELLShort Trade....Triple Top?
I think it may be a bit late to do this however I have been thinking about shorting the AUDUSD all morning.
I think that it is still a good short and you can still make a further 40-50 pips.
I would looking to get in at around 0.87900 (if it comes back).
If it doesn't then afraid this position may be too late.
As I wrote this message the AUDUSD fell by about 10 pips already.
LETS GET IN!!!!