Here we have a bearish bat on the aussie-dollar. If look at the chart on a larger scale, daily or weekly, you can see that price is in a down trend. Price is currently pivoting along a line of support- this should act as resistance for the retracement. This gives us extra ammo in our reasoning for the short entry. Our first 2 retracements of 50% and 59.7% indeed give the indication of a bat OR a crab pattern. Looking at the trend and resistance, i expect price to drop at the 88.6% retracement from XD. If the candles do not show a reversal and price breaks through resistance, I will continue to look for a short entry at the 161.8% level. Interest rates are expected to be hiked by the FEDin December; this may add to the Dollar strength! Higher time frame chart below for illustration.
BAT RATIOS
AB: 0.382 OR 0.5
BC: 0.382-0.886
CD: 1.618-2.618
XD: 0.886
BAT RATIOS
AB: 0.382 OR 0.5
BC: 0.382-0.886
CD: 1.618-2.618
XD: 0.886
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