Hello trader,
I hope your week has been profitable.
I want to highlight a classic bearish bat pattern I spotted on the EUR/AUD pair. The chart shows price rejection at point D around 1.61110, with the red zone indicating strong resistance between 1.61069 and 1.61244, which also serves as the PRZ (Potential Reversal Zone).
With additional confirmatory signals, entering a short position near the PRZ seems promising. I plan to place my stop loss slightly above the PRZ at around 1.61334 and set profit targets at 1.60756 and 1.60546.
Cheers!
I hope your week has been profitable.
I want to highlight a classic bearish bat pattern I spotted on the EUR/AUD pair. The chart shows price rejection at point D around 1.61110, with the red zone indicating strong resistance between 1.61069 and 1.61244, which also serves as the PRZ (Potential Reversal Zone).
With additional confirmatory signals, entering a short position near the PRZ seems promising. I plan to place my stop loss slightly above the PRZ at around 1.61334 and set profit targets at 1.60756 and 1.60546.
Cheers!
Commento:
Stop taken out, while price came back to the entry zone. Trading is a business of probability.
Commento:
Liquidity was taken above the resistance zone, and afterwards, EURAUD did what we anticipated.
