EURCHF, 1h, potential Bat patternIf you look at the 4h timeframe, we have had a pullback from a downtrend. If you go up another step to Daily timeframe, we've had a pullback from a uptrend - so the timeframes are a bit contradictory.
This is also seen in the 1h timeframe where we recently had a more consolidating period. This allows both a bearish pattern or, as in this case, a bullish pattern to work well.
It is often in consolidating periods that patterns show their best side when using standard target prices (38.2% and 61.8%).
Awaiting test of the entire PRZ where the defining level is the Bat pattern 88.6% (XA).
As always, a "type-1" trade is more aggressive when it comes to trail the reaction and picking a profit if you see a slowdown in the reaction.
(Of course, this is something you should have in your trading plan and tested - so you know how aggressive you can be without losing your "edge".)
Stop loss placed below X but keep it tight.
Target prices are standard 38.2% and 61.8% for a second position.
Patterntrader
EURAUD, 60min, potential Bat patternLooking at this potential bearish Bat pattern with great pivot points defining an almost optimal Bat pattern.
The B point is close to 50%, we have a distinct startingpoint for X and, we are in a downtrend.
Also, we have price levels, to your left, that has been tested couple of times falling at the same level as 88.6% - the most important level for a Bat.
Looking at the PRZ I demand a clear change in price action to the downside, after testing the complete PRZ, with one or more confluence (like RSI etc.)
Since the Bat pattern is a really exact pattern I will always keep my SL tight, just above X. One way to set a SL is to use ATR x1,5 or x2, another is a pre-defined
amount of pips (in case of FX) or as I often set SL - a 113% AD extension.
Targets is standard XA 38,2% for a first postition and 61,8% for a second. Since this trade would be in line with the trend you could either trail your second position
or use a third position that you trail or set a pricetarget at an extended level. One example could be a retest of the A and C levels.
AUDJPY, Weekly, potential Bat patternIt's still a way down to the fact that we have a complete Bat pattern here but what one can draw from this conclusion is that we are in a clear downtrend where the Bat pattern's "regular" magnet down to the D point, after we got a closing under B, also helps.
In a lower (time resolution) perspective, you can use this to take trades in the right underlying direction - ie. downwards.
The pattern may be more of a use for "placement traders" but I use it as a travel direction ni my daytrades.
EURJPY 15min Potential Bearish Cyphernot a trade I'll be taking since I don't day trade on mondays. but
if you front run your orders this would already be filled, so follow your rules!! on whether you would still take this or not...
entry @ 117.96
traditional targets @ fib retracement .382 and .618
Good Luck
Nike: Potential Bullish Gartley Formation (Just Do It)Nike was in the news today with a few missed estimates so i decided to check it out and what do you know, we've got a potential bullish Gartley formation coming right back down into previous structure support.
"Just Do It!"
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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BULLISH BAT AUDCADThis is a setup for you day traders out there!
I see long opportunities as soon as this pair reaches my entry point @0.9472. The lows where we're trying to find support at haven't been violated this week @0.9466 and today we're trying to find support again at this level. This idea contains 2 fibonacci based target points and a stop loss below X. If the lows hold up again we could at up some more profits. Let's see what happens here!
Happy trading everyone :)