This potential Bearish Bat pattern on the EUR/NZD 60 min, has a great risk reward, as can be seen in the chart.
Look for price to climb up and touch the 88,6% retracement from the X to A leg to complete this Bat pattern. ( 1.7185 ) Stoploss should be placed above X, in this case its about 20 pips above X. (1.7290 )
Take profit 1 at 38,2% retracement from the A to D leg. ( move stops to breakeven ) 1.6932 Take profit 2 at 61,8% retracement from the A to D leg. ( 1.6778 )
Always looking for feedback on my analysis, so be sure to comment !
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.