What's up everyone, here we have EUR/GBP with a bearish bat pattern on the 1h chart .
Excellent opportunity with over 1:4 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
The B point formed at a key level in the market, therefore I'm using this as my mid-way target. I will more than likely close my position here and re-enter with 50% of my original position size.
If you take into consideration the 4h chart below this could be an excellent shorting opportunity.
I'm expecting a false breakout followed by a huge move down, all Euro pairs are indicating a Euro weakness right now.
I hope you all have a great week!
Excellent opportunity with over 1:4 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
The B point formed at a key level in the market, therefore I'm using this as my mid-way target. I will more than likely close my position here and re-enter with 50% of my original position size.
If you take into consideration the 4h chart below this could be an excellent shorting opportunity.
I'm expecting a false breakout followed by a huge move down, all Euro pairs are indicating a Euro weakness right now.
I hope you all have a great week!
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