Here we have a bearish bat on the 4 hour chat of the euro-cad. Looking at the daily chart, there has been action around the X and D points previously. Price has already dipped form the D point and looks to be making a double top! Looking through the euro across the market, all the euro pairs look ready to drop- especially those with a harmonic pattern (see euro-pound idea below). I don't tend to use indicators, but there is clear divergence across the MacD and RSI instruments
Bat ratios A: 0.382-0.5 B: 0.382-0.886 C: 1.618-2.618 xD: 0.886
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I have not taken a short position and will hold it until the TP at 1.429, risk:reward is over 1:4!