Bearish Bat
USDCAD SHORT OPPORTUNITY - BEARISH BAT HARMONIC PATTERNUSDCAD has been on a strong uptrend. The uptrend momentum is now cooling down and we expect a pullback . Previous weekly candle gives as a signal of a short term pullback. The formation of the bullish bat is also a strong indicator.
entry = within the red zone
stop loss = 1.3460 (just above the D - leg)
target 1 = 1.2963 (38.2 % )
target 2 = 1.2689 (61.8%)
For conservative traders. wait for a short signal on lower time-frames for entry.(a break of the trend-line in the hour time-frame)
Goodluck
USD/CAD - Bearish BatWe've got another bat formation on the daily chart, this time we're looking at USD/CAD.
Price is 300 pips away from the PRZ so this is one to keep on the watch list... It has a lot of potential.
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
XA Retracement: 0.886
We're looking at a 1.618 AB=CD, 2.0 BC and 0.886 XA in the PRZ for this particular setup.
Right now I'm paying close attention to NZD/USD which can be found in the related ideas.
Enjoy your weekend everyone!
Short with harmonics on CADJPYHi guys,
not so much on my charts these days (at least for my eyes), but i've been able to find this nice setup on the hourly chart. It's a bearish bat formation that's going to complete in a strong structure level (both daily and 4H) and i'm going to get in as soon as the price will touch the D completion point because of the higher trend and because it's a nice spot to expect a reversal.
If you have any question/idea, comment below.
Otherwise, see you in the next chart!