The price reversal zone is between 1.0566 & 1.0470 which is large on this pair as we are trading the daily time frame.
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed below X leg .
Learn To Trade The .
Long entry at 1.0566 current price at 1.1310
I am now expecting a break below the 1.1200 handle
Thanks for the pattern. I've been doing a lot of research regarding the harmonic patterns, and I am yet to find a consistant method for spotting them. Can you link a source or resource for your fib retracements and extensions?
I was under the understanding that the Bat Pattern would need the following criteria (but I am more than happy to be shown otherwise!)
AB 0.382 or 0.5 retracement of XA
BC 0.382 or 0.886 retracement of AB
CD 1.618 (if 0.382) or 2.618 (if 0.886)
(Note: D point confluence with 0.886 of XA)