Possible bullish bat on the hourly, but it all depends on where one draws his legs...
There are 2 alternative patterns with C above A that could also be valid, namely a Cypher (green) or a shark (max. shark drawn in blue)...
Based on harmonics the Cypher would also be a valid option (harmonic move ends about where the cypher completes, see black lines). The shark is a possibility and would be in confluence with the bat in it's min. .886 form, the max. 1.13 shark drawn here is also possible but less likely imo (no confluence except for the fact that it ends near the round 1.0800 level...).
Since the bat is in between those 2 other patterns it is probably a good compromise.
I've therefor based my tradeplan on that bat, SL below X as always, a bit worried about the max. shark and that attractive 1.0800 level below there, could be a target for many, i that case my SL will be blown right out...
If you don't mind having worse R/R you could put your SL below that 1.0800 level to be safe(r)...
I'm taking a tighter SL for this one, therefor not risking too much on this trade, max. 0.5%.
3 targets as usual, I would take at least 70% at the 38.2 fib, 20% at the 61.8 fib and the remaining 10% for my 3rd target will be the trendline above (not possible to accurately define that before we get closer).
There are 2 alternative patterns with C above A that could also be valid, namely a Cypher (green) or a shark (max. shark drawn in blue)...
Based on harmonics the Cypher would also be a valid option (harmonic move ends about where the cypher completes, see black lines). The shark is a possibility and would be in confluence with the bat in it's min. .886 form, the max. 1.13 shark drawn here is also possible but less likely imo (no confluence except for the fact that it ends near the round 1.0800 level...).
Since the bat is in between those 2 other patterns it is probably a good compromise.
I've therefor based my tradeplan on that bat, SL below X as always, a bit worried about the max. shark and that attractive 1.0800 level below there, could be a target for many, i that case my SL will be blown right out...
If you don't mind having worse R/R you could put your SL below that 1.0800 level to be safe(r)...
I'm taking a tighter SL for this one, therefor not risking too much on this trade, max. 0.5%.
3 targets as usual, I would take at least 70% at the 38.2 fib, 20% at the 61.8 fib and the remaining 10% for my 3rd target will be the trendline above (not possible to accurately define that before we get closer).
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CLOSED, INVALID
