EURUSD - BEARISH BAT - 240M - ADVANCED PATTERN - FIB CONFLU ABCD
Hi All,
Again we see another potential opportunity for a shorting position here on EURUSD
In a recent post I mentioned how I believed the FOMC would push this pair to 1.1400's
This has presented us with this Bat Opportunity
Fibonacci Confluence - 127.2 and minor 141.4 along with our 88.6% D completing all around the psychological even handle number 1.15000 - we also have an AB=CD completion - and in LTF we may even have a three drive move just from eyeing this up where price is now.
We have previous major resistance levels which we should see the bounce off as well.
I have marked some extra green lines so we can see how price reacts here.
Trend continuation traders should be taking profits and selling off at these levels and you can see our targets are right back at Structure - which lines up perfect with our Fibonacci 38.2% and 61.8%
Also the reason I have chosen this X leg is because it is a structure level and it is an Impulse Leg.
As always RED STOP LEVEL - GREEN LIMIT ORDER ENTRY LEVEL - BLUE TARGETS or (LIMIT)
Good luck traders and happy trading hope my insight on this provides some help.
Again we see another potential opportunity for a shorting position here on EURUSD
In a recent post I mentioned how I believed the FOMC would push this pair to 1.1400's
This has presented us with this Bat Opportunity
Fibonacci Confluence - 127.2 and minor 141.4 along with our 88.6% D completing all around the psychological even handle number 1.15000 - we also have an AB=CD completion - and in LTF we may even have a three drive move just from eyeing this up where price is now.
We have previous major resistance levels which we should see the bounce off as well.
I have marked some extra green lines so we can see how price reacts here.
Trend continuation traders should be taking profits and selling off at these levels and you can see our targets are right back at Structure - which lines up perfect with our Fibonacci 38.2% and 61.8%
Also the reason I have chosen this X leg is because it is a structure level and it is an Impulse Leg.
As always RED STOP LEVEL - GREEN LIMIT ORDER ENTRY LEVEL - BLUE TARGETS or (LIMIT)
Good luck traders and happy trading hope my insight on this provides some help.
