EURUSD D CHART
BEARISH BAT PATTERN
THE BAT PATTERN HERE IS PURPLE. THE PREVIOUS PATTERN IN YELLOW WAS A BULLISH BAT PATTERN THAT HAS ALREADY HIT THE 61.8 FIB TARGET. IT’S POSSIBLE THAT PRICE WILL MOVE UP TO THE PREVIOUS PATTERN C POINT @ 1.1500 BEFORE STABILIZING AND REVERSING TO THE DOWNSIDE. BUT, WE HAVE A NICE FIB CONFLUENCE RANGE IN THE 1.4000 AREA, WHICH IS WHERE I RECOMMEND TO GET SHORT.
IF AND WHEN THE MARKET REACHES 1.1052, I AM GOING TO MOVE MY STOP TO +10 PIPS TO PROTECT MY CAPITAL. ALTERNATIVELY, YOU CAN TAKE PROFIT AT 1.1052, BUT YOUR RISK:REWARD IS NOT AS GOOD IF YOU TAKE PROFIT THERE. TRADE WHAT YOU SEE, BUT I CAN SEE THIS MARKET PUSHING DOWN TO 1.0860, 160 PIPS ABOVE THE CURRENT BAT PATTERN C POINT.
STOP @ 1.1550, ENTRY @ 1.1400, TP @ 1.0860
150 PIPS : 540 PIPS (RISK : REWARD)
DISCLAIMER: Trade these setups at your own risk. This post is an “educated guess” based upon my technical analysis. If you are trading live, limit your risk to 1% of your account balance. If you have zero experience trading, I highly recommend you start with a demo account before going live. Trading without a strategy and without risk management is no different than gambling. Please trade safe and responsibly!
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