EURAUD, 60min, potential Bat pattern
Looking at this potential bearish Bat pattern with great pivot points defining an almost optimal Bat pattern.
The B point is close to 50%, we have a distinct startingpoint for X and, we are in a downtrend.
Also, we have price levels, to your left, that has been tested couple of times falling at the same level as 88.6% - the most important level for a Bat.
Looking at the PRZ I demand a clear change in price action to the downside, after testing the complete PRZ, with one or more confluence (like RSI etc.)
Since the Bat pattern is a really exact pattern I will always keep my SL tight, just above X. One way to set a SL is to use ATR x1,5 or x2, another is a pre-defined
amount of pips (in case of FX) or as I often set SL - a 113% AD extension.
Targets is standard XA 38,2% for a first postition and 61,8% for a second. Since this trade would be in line with the trend you could either trail your second position
or use a third position that you trail or set a pricetarget at an extended level. One example could be a retest of the A and C levels.
The B point is close to 50%, we have a distinct startingpoint for X and, we are in a downtrend.
Also, we have price levels, to your left, that has been tested couple of times falling at the same level as 88.6% - the most important level for a Bat.
Looking at the PRZ I demand a clear change in price action to the downside, after testing the complete PRZ, with one or more confluence (like RSI etc.)
Since the Bat pattern is a really exact pattern I will always keep my SL tight, just above X. One way to set a SL is to use ATR x1,5 or x2, another is a pre-defined
amount of pips (in case of FX) or as I often set SL - a 113% AD extension.
Targets is standard XA 38,2% for a first postition and 61,8% for a second. Since this trade would be in line with the trend you could either trail your second position
or use a third position that you trail or set a pricetarget at an extended level. One example could be a retest of the A and C levels.
Henrik Siverhall
SMC Trading
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SMC Trading
Är du intresserad av vårt mentorskap - "Basic" och "Avancerad" mentoring.
smctrading.se
Sveriges största FB grupp för nybörjare
bit.ly/ptse-fb-basic
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