EURUSD BAT - 4HR - ADVANCED HARMONIC PATTERN RE-VISIT
Hi Traders, I have published this pattern prior. Just wanted to revisit this pattern we have had a break and close below our B Leg. Also things to look for at the potential reversal zone.
We don't necessarily need to enter in the 88.6% but my rules say aggressive entry on all Cypher and Bat for this pair. But what adds to our predictions for probability for reversal is the following.
Also keep in mind the FOMC is due this week, if your rules say not to trade during this then be sure to check the chart and time for FOMC, we should see some movement in the FOREX this coming week due to the Medium and High impact news expected. Personally I am an advanced technical trader and fundamentals dont change my trading. but I still like to keep up with the financial calendar
1. 88.6% Retrace Level - BAT Entry
2. Previous Structure right at this level
3. This could be the Psychological Price Level 1.16000
The risk reward on this trade is very good - due to such a high C Completion.
R:R if we reverse right at the 88.6% would be
TP1 57 Pips
TP2 92 Pips
Total 206 Pips
Stop Loss - 43 PIPS for each Target - TOTAL 86 pips Loss
As always - Entries Stops and Targets on Screen
Pattern will be invalid if price goes beyond the C Leg
Pattern will be invalid if we violate the X Leg - we would then look for our next trade if stopped out.
Targets to be managed during trading when we have a D Completion. We manage these levels until we hit our TP1 then stops for TP2 are moved to break even, or until we are stopped out which ever comes first.
Enjoy your week and Happy Trading
We don't necessarily need to enter in the 88.6% but my rules say aggressive entry on all Cypher and Bat for this pair. But what adds to our predictions for probability for reversal is the following.
Also keep in mind the FOMC is due this week, if your rules say not to trade during this then be sure to check the chart and time for FOMC, we should see some movement in the FOREX this coming week due to the Medium and High impact news expected. Personally I am an advanced technical trader and fundamentals dont change my trading. but I still like to keep up with the financial calendar
1. 88.6% Retrace Level - BAT Entry
2. Previous Structure right at this level
3. This could be the Psychological Price Level 1.16000
The risk reward on this trade is very good - due to such a high C Completion.
R:R if we reverse right at the 88.6% would be
TP1 57 Pips
TP2 92 Pips
Total 206 Pips
Stop Loss - 43 PIPS for each Target - TOTAL 86 pips Loss
As always - Entries Stops and Targets on Screen
Pattern will be invalid if price goes beyond the C Leg
Pattern will be invalid if we violate the X Leg - we would then look for our next trade if stopped out.
Targets to be managed during trading when we have a D Completion. We manage these levels until we hit our TP1 then stops for TP2 are moved to break even, or until we are stopped out which ever comes first.
Enjoy your week and Happy Trading
Comment:
Hi Traders, as we see price pushing downwards we have a new advanced pattern, pretty ugly looking Gartley - however it adds to our probability for price reversal. Some may say the BAT is invalid due to a break of the C Leg, depends on how you tested the results. Anyway here is the Gartley and PRZ
Comment:
Orders resting at 1.15955
Comment:
Due to such a low D completion we have reduced our reward. See new target levels. Also this pattern is invalid due to break of X leg.
Comment:
If we hit our TP1 stops are to be moved to Break even.