In the last week, price bounced in-between two SCMR dynamic levels seeking a direction: first off support, then back down from resistance to test and break previous support. This has set us up for possible completion of a bullish Gartley advanced pattern at or near the 'D' point price of 0.00153730 BTC. I could certainly see a panic stab down to the next SCMR support level at .00125797. Recomended conservative trade is a buy in the PRZ with target #1 at previous SCMR resistance near 'B' point of the pattern. Target#2 would be at or near the real candle body previous structure high. Typically we would put our stops below X. Best of luck!
Trade active:
This trade is now active. We got what we were expecting from price action, even the panic stab down to the SCMR dynamic support level. Down ward pressure may not yet be done but if you haven't found your entry for this trade there is still time.
Trade active:
If you were trading this pattern with 2 targets, now is the time to TP or move stops up. We've seen price pull back up and into our B point at the previous SCMR resistance level.
Trade active:
Just a quick update. The pull-back from our target #1 has opened up the potential of a bearish Bat Pattern completion just below our target #2. The identification of this advanced pattern reinforces the likelihood of reaching our final trade target.
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www.fxstay.com/bat-p...rading-introduction/
Comment:
Trade active:
We've got solid support and a rounding bottom. While this trade is going the distance, it's still on track. Updated the chart to reflect more appropriate time based harmonics for the Bearish Bat Pattern completion.
Trade closed manually:
While it does look like a decent floor has been established, we've breached the point at which I would expect to see a move up towards validation of the bearish bat pattern. Advanced patterns don't have to work harmonically all the time, but after this long I can no longer assume a move up to the .004 level to be tradablle off that pattern. Because of that, I'm closing this trade in favor of new future analysis.