From my analysis, price might react at the 127.2 extension in confluence with major support level, so I'll keep a close watch at this level to see if RSI gets oversold condition to go long, but looking good enough for me!
I put a limit order in point D because is close to a good structure area and risk to reward is 2:1, so good opportunity here for going short on the 1H timeframe.
I could not wait until price went out of the major support area, so I bought here with very small risk and potencial first target at 0.92483 There is not much resistance in the way up to my first target, so if price moves higher it won't be a problem to reach it!! :) Happy trading to everyone!
Possible Bat in USDCHF as point D is located near good structure level of resistance.
Just watching at key structure levels for possibilities.
Price reaches D point at the 78.6 retracement exactly with a bit of structure, so let's see what happens here. Target at next structure level around 101.410
Two possible trades: - A Shark pattern - A confluence between 78.6 fib retracement level and mayor structure level that could become support. I'm currently waiting for RSI confirmation when price reaches these levels.
Because of the strong support level found at the PRZ, we can expect price to bounce from this level and at least touch the .5 retracement level from leg C to D, wich would give us the 5-0 pattern to go short. So we have a very good opportunity IF the pattern completes. Stops at 10 pips below the entry level and targets at 0.5 retracement level from C to D
We can see a nice fib cluster forming around 1.0202 with 50% retracement from last swing high and the 1.414 extension from last swing low. Also at this area we can see a AB=CD pattern completion, so is a good opportunity to go short at least until the support area drawn below.
Bat pattern about to complete at the .886 retracement from XA and confluence with the 1.618 extension from AB. Target could be around 1.08300 and stops around 1.07800.
A good risk/reward opportunity for going long on EURUSD with bat pattern