WARNING: PLEASE DO YOUR DUE DILIGENCE BEFORE ENTERING A TRADE.
If price goes upto 1630s then would a nice probabilty to short as D also lies along previous zone of S+R.
This also signal towards weaker USD until the pattern reaches completion @ D.
**1ST THING I CAN'T PROPERLY ALIGN THE FIBS, PRICE POINTS WILL DIFFER THOUGH IDEA REMAINS SAME.
Now based on Fibs as per my drawing & Bat Pattern:-
X2A fR gives B= 0.50 & D @ 0.886 = $3.07
B2C fR gives D @ 1.618 = $3.08
So go long at $3.07 based on trading though I dont trade weekly or monthly due to amount of drawdown if things go wrong..
But if we clone the...
Low @ B as per TV = 1.71754 but X2A fR of 0.50 must touch B = 1.71678 to fulfill BAT criteria.
So will just observe... even though its not a BAT & will not trade anyway though I expect the price to fall to 0.886 & then would have been a nice point to go long from there.
Expecting a Bullish bat to complete.
Can't find valid cases for entry other than the bat pattern. (Though zone of entry is along the areas of past structure =S as well as resistance= R; but sometimes moves have been somewhat below and above i.e breaking/defying those S & R)
My Point of entry is 2.618 to create a better RR ratio. ( instead of .886 & 1.1618...
PLEASE DO YOUR OWN DUE DELIGENCE BEFORE TAKING A TRADE
Buy limit order & entering around the area of
X2A Fib Retracement of .886
B2C Fib Retracement of 1.618
A2D Fib Retracement ''Take Profit '' target 1 of .382 (Minus ? pip spread)
A2D Fib Retracement ''Take Profit '' target 2 of .618 (Minus ? pip spread)
Stop Loss @ 1.13
Case for entry -
Entry area is...
On 4 hour chart the cypher pattern is forming which has D near the trend line (in Black).
If the price comes down steeply then order @ .786 can be filled with respecting the trend line.
If price falls sidewise then entry @ .786 may fall below the trend line and may suggest downward move with price not respecting trendline.
X2C Fib Retracement of .786 @ ...
I will only watch how this unfolds as 'when in doubt just stay out' rule applies here.
I am doubtful about how I have drawn the trend line.
But if my trend line is acceptable then a sell limit order of X2A Fib Retracement of .886 @ 2.08646 of this BAT comes near the trend line which may act as resistance again & it may reverse.
Similarly if my trend line is...
