Just an amateur opinion about a nice pattern which is forming on AUD/USD. The price came closer to the .886 level from XA leg and if the price will touch this level (0.69924) we'll have a good risk/reward ratio and great opportunity to enter in a long position.
Hey traders we just had the inflation & interest rate news come out for the GBP pairs and the reaction is sending price action down to a potential advanced pattern completing at 1.5269's. i like to give 15 minutes for news to play itself out and afterwards I'm allowed to continue my trading Also as a reminder tomorrow is also a big news day as we have the month...
After we have seen a good crash after the news are could anticipate more of a downtrend coming soon. The bearish bat could complete and could result a good sell off from that point if the market creates a lower high in the bat completion area.
The question is can the market follow the trend? If the Bearish batpattern completes and works we may see a lower Low or a retest of lows.
EURUSD - Currently prices are moving inside the channel and if the price respects the channel, we will see a bullish move and it will help the bat to form. I have got good zone in daily ( marked in red) Potential reversal can be seen around there.
EURNZD looking to fill the Bat bearish pattern if the price have a good close above 1.67717, According to the BAMM theory by scott carney, we can go long with a good R/R. And later if the bat pattern completes we can shoot down to the lower structure. The red zones marked are important structure zones.
NZDJPY Completed the bearish bat in the supply zone area. Entry @ 82.114 Stops above the zone ( added few pips, I may adjust a little bit later) 1) Take profit 1 = 38.2% 2) Take profit 2 = 61.8%
A close above the structure high will significantly give us a chance to go long and target to the D1 Supply area . We could see potential reversal around the PRZ level which are the horizontal lines . Sell limits can be placed @187.335 and target to 184.86. This method is known as the RSI+BAMM method . You could see the initial X point has RSI OS area and...