EUR/USD: Looking for longs, waiting for the bat(s) to complete!
Not sure if the retracement from the high earlier this week is over yet, but as the move is slowing down I am currently looking for some short-term longs.
I think I managed to identify 2 possible bat patterns which could act as possible entry points for long positions. If I'm not quite right in the way I drew these patterns then hopefully someone will point that out to me...
I was in a long position from 1.362 earlier today because I had a gap in my MT4 charts (anyone else had that?? I use IG Markets data feed), so I thought I'd fill that (gap filled at 1.1278 on my charts)!
Closed the position in the meantime because I didn't have any reason to keep a long just yet...
But now I may have my reason, these bats...!
I am currently planning on acting only when the largest (pink) bat gets filled because I want to place my stops below the low around 1.1014 (putting it below the 1.1000 level alltogether!). The smaller (yellow) bat doesn't give me good enough odds when I place my stop that low and putting it below the yellow X is risky in my opinion...
If I don't get filled, well then the risk is zero anyway...
I'm currently also looking at a potential bullish pattern forming on the daily, very early stage though (possible completion of B which could confirm the "up" direction when going from B to C).
I must say I am also still thinking of that 38.2 fib level around 1.1800 to be tested, but that's probably a subjective thought, and we're getting quite far from that high now..., especially with the large bear flag on the weekly which could also unfold quite soon (within the next week maybe if we don't go up soon...)!
Looking for more confirmation now, should have some time whilst PA is consolidating...
Any idea's insights, criticism always welcome!
I think I managed to identify 2 possible bat patterns which could act as possible entry points for long positions. If I'm not quite right in the way I drew these patterns then hopefully someone will point that out to me...
I was in a long position from 1.362 earlier today because I had a gap in my MT4 charts (anyone else had that?? I use IG Markets data feed), so I thought I'd fill that (gap filled at 1.1278 on my charts)!
Closed the position in the meantime because I didn't have any reason to keep a long just yet...
But now I may have my reason, these bats...!
I am currently planning on acting only when the largest (pink) bat gets filled because I want to place my stops below the low around 1.1014 (putting it below the 1.1000 level alltogether!). The smaller (yellow) bat doesn't give me good enough odds when I place my stop that low and putting it below the yellow X is risky in my opinion...
If I don't get filled, well then the risk is zero anyway...
I'm currently also looking at a potential bullish pattern forming on the daily, very early stage though (possible completion of B which could confirm the "up" direction when going from B to C).
I must say I am also still thinking of that 38.2 fib level around 1.1800 to be tested, but that's probably a subjective thought, and we're getting quite far from that high now..., especially with the large bear flag on the weekly which could also unfold quite soon (within the next week maybe if we don't go up soon...)!
Looking for more confirmation now, should have some time whilst PA is consolidating...
Any idea's insights, criticism always welcome!
