On the EUR.AUD 4hr chart we have a potential short opportunity at the D leg completion of bearish Bat setup.
The price reversal zone on this pair is between 1.4268 & 1.4310 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the C to D move. There is also an opportunity to look for extended targets at around 1.4000 Stop loss would be placed above X leg structure resistance.
Target 1 - 1.4158 Target 2 - 1.4089
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Previous analysis for those who messaged me.
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D leg completion at 1.4268 is now complete.
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I just wanted to update this post as there seems to be a little confusion.
Once a pattern completes, it doesn't automatically generate a trade as there are multiple other indicators that need to be aligned.
I have strict rule set that must be followed, this not only removes subjectivity but also increases long term profitability.
Have a good week.
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If you entered at 1.4268 your target should now be attained.
@tomhall Hi Tom
RE Confusion.
Can i suggest and maybe its just me fairly new to discovering the TV platform, the title is Short. But the pair IMO has changed now and a long opportunity is what I see in current price action. Would it not be better if the direction changes to start a new post with title Long.
Thanks
Craig
UnknownUnicorn180388
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@ForexBudgie, Hi Craig,
If for example i'm short on a pair and price continues to rise it will invalidate my idea so i wouldn't then look long on a pair in the short term.
BharathSto
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Hi tom what about euraud when i hold my short entry ..? or any changes in this pair
UnknownUnicorn180388
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@BharathSto, I'm personally not in on this pair, nor have a pending order set.
TAJIR_B
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could u tell us in short your rules of engagement ? thanks foe the awesome work, keep going :)
UnknownUnicorn180388
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@TAJIR_B, Sorry it's not something i disclose.
If your looking to build a check list simply add an indicator, backtest it on all timeframes and currency pairs, if it adds an edge keep it it, it doesn't remove it.
The process of Forex is long but if you want it enough the hard work will be done.
@tomhall, I've just recently started following you. And for the past 2 trades I have been admiring, you've been accurate. Amazing work, will sign up with you, Tom! Thank you.
Hi Tom
RE Confusion.
Can i suggest and maybe its just me fairly new to discovering the TV platform, the title is Short. But the pair IMO has changed now and a long opportunity is what I see in current price action. Would it not be better if the direction changes to start a new post with title Long.
Thanks
Craig