Jul 7, 2011

EURGBP H1 Bullish Bat Pattern - 7 July 2011

7 July 2011

Bullish Bat Pattern On EURGBP Hourly Chart.

This pattern is validate by 0.382 retracement of XA at B point and 0.50AB at C point.

Convergence of 0.886XA and 3.618BC at 0.8890 define a PRZ for this pattern, while extended 1.618AB=CD at 0.8920 complement the PRZ.

Extra caution if this trade is execute as B point is below 0.382XA this could be an alternate bat pattern. Although 0.886XA is primary retracement in bat pattern, price action could decline to 1.13XA for alternate bat to valid.
11 July 2011
 Trade Details :
Entry 1 : 0.8885
Entry 2 : 0.8863
SL        : 0.8830
Target 1 : 0.8940
Target 2 : 0.9000


Stopout at 0.8830.

Entry 1 : -55 pips loss
Entry 2 : -33 pips loss
Total    : -88 pips loss


goodcamp said...

looks like this really is going down to 1.13XA to complete a bullish Alt Bat... looking forward for an entry there and hopefully it starts to rally back up to fill to gap today...

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