Hi All, I wanted to share this potential long position on a Bullish Bat Pattern
If you look left this level has been respected in the past hitting it 4 times only to get rejected each time.
This Bat Pattern provides a good opportunity as the 88.6% completion is right at this level.
I will closely watch this trade to see how price reacts at this level, keeping an eye on my filters - watching the RSI level on HTF LTF and TTF
You can also wait for another sign of reversal - watch price action if we a close below the 3 marked positions hopefully we will see the signal for us to enter this trade.
Maybe you want more confirmation in LTF to look for an Oversold market with a slight retrace and then if we form a D/B with RSI divergence then that is another signal for you providing a little more confirmation to enter this trade.
Below x in previous support the is a support level very close to our Stop level - if we break X then we could only hope price respects it and bounces back for us.
You may want to take the aggressive entry on this - most times you will miss the trade if not.
Also follow your rules and trade your plan.
Good luck and happy trading.
If you look left this level has been respected in the past hitting it 4 times only to get rejected each time.
This Bat Pattern provides a good opportunity as the 88.6% completion is right at this level.
I will closely watch this trade to see how price reacts at this level, keeping an eye on my filters - watching the RSI level on HTF LTF and TTF
You can also wait for another sign of reversal - watch price action if we a close below the 3 marked positions hopefully we will see the signal for us to enter this trade.
Maybe you want more confirmation in LTF to look for an Oversold market with a slight retrace and then if we form a D/B with RSI divergence then that is another signal for you providing a little more confirmation to enter this trade.
Below x in previous support the is a support level very close to our Stop level - if we break X then we could only hope price respects it and bounces back for us.
You may want to take the aggressive entry on this - most times you will miss the trade if not.
Also follow your rules and trade your plan.
Good luck and happy trading.
