SaleemJunedLala

Bearish Bat Pattern on EURUSD at Resistance Zone

Short
FX:EURUSD   Euro / U.S. Dollar
88 views
3
It has been observed that a bearish bat pattern has formed on the EURUSD Hourly chart at an important resistance zone to further suggest a short.

Short Entry:1.0815

Target 1: 1.0633
Target 2: 1.0524

Stop:1.0883

Keep trailing stops as per your R:R
Trade active
Comment: Down 82 pips. Trail stops to cost and hold.
Comment: A number of you might be getting worried about how the pair went down, but reversed and moved back into the direction of the stop.

Don't worry, this happens most of the time with Harmonic patterns. It's very rare for price to come down straight into our targets. The price will come down, go back up, consolidate and slowly move down. But Harmonic Patterns are a very effective method of trading, atleast for me they work well.

Also, look at the bright side, we shorted right in the resistance zone at the completion of the bearish harmonic pattern. Our stops are above the resistance, which will act as a wall before our stops are taken out, if they are to be taken out.

Double Confirmation or Double Technical confirmations work very well, its all about patience and holding on to the trade.

Regards :)
Trade closed: target reached: Down 154 Pips!

Very Close to target. Can start booking profits

Comments

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