On Lupin 15min chart we have a potential Short opportunity at the D leg completion of bearish BAT.
The price reversal zone is between 1509.9 & 1520
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the BAT setup placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure support .
Target 1 - 1482
Target 2 - 1457
The price reversal zone is between 1509.9 & 1520
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the BAT setup placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure support .
Target 1 - 1482
Target 2 - 1457
Comment:
Please correct the timing of chart as 60 mins* (instead of 15 mins), sorry for the typo.
Comment:
Educational interest : (Reversing failed pattern tips)
The entire PRZ must be tested with initial reaction complete. A continuation of the
predominant trend usually occurs after the price action has tested the entire range of
harmonic numbers in the PRZ. Although the extent of this nominal reaction varies, the
price action usually does not retrace beyond the limits of the harmonic zone. Essentially,
the initial test yields only a minor consolidation before resuming in the predominant
trend to exceed the PRZ.
• Respect the Terminal Price Bar. The Terminal Price Bar—the initial price bar that tests
the entire PRZ—establishes the defining limit for the violation of the PRZ. Furthermore,
the Terminal Price Bar defines the reversal entry with respect to the failed PRZ.
• Precise Stop Loss Limits. All stop loss limits must be defined well in advance, and
they usually are based upon the range of the prior PRZ and the extreme of the Terminal
Price Bar.
The entire PRZ must be tested with initial reaction complete. A continuation of the
predominant trend usually occurs after the price action has tested the entire range of
harmonic numbers in the PRZ. Although the extent of this nominal reaction varies, the
price action usually does not retrace beyond the limits of the harmonic zone. Essentially,
the initial test yields only a minor consolidation before resuming in the predominant
trend to exceed the PRZ.
• Respect the Terminal Price Bar. The Terminal Price Bar—the initial price bar that tests
the entire PRZ—establishes the defining limit for the violation of the PRZ. Furthermore,
the Terminal Price Bar defines the reversal entry with respect to the failed PRZ.
• Precise Stop Loss Limits. All stop loss limits must be defined well in advance, and
they usually are based upon the range of the prior PRZ and the extreme of the Terminal
Price Bar.
Comment:
setup is still valid
Order cancelled:
pattern invalidated