We can see the makings of a bullish Bat pattern on the 4 hour time frame of EURUSD.
The Bat pattern uses an 88.6% retracement of the XA measurement for entry.
The B point of this distinct M shaped pattern Should ideally be between an 38.2% and 50% of the XA leg.
We can also see the pattern exhibits a BC projection of just over 261.8% , this is close to the maximum allowed for this pattern.
The 88.6% entry of this pattern corresponded nicely with an area of previous resistance turned support ( this is denoted by the blue line ).
The Bat pattern uses an 88.6% retracement of the XA measurement for entry.
The B point of this distinct M shaped pattern Should ideally be between an 38.2% and 50% of the XA leg.
We can also see the pattern exhibits a BC projection of just over 261.8% , this is close to the maximum allowed for this pattern.
The 88.6% entry of this pattern corresponded nicely with an area of previous resistance turned support ( this is denoted by the blue line ).