Pattern Based Trade setup for a SHORT and LONG (optional) trade
Hi guys we have possible two bearish pattern formation right here for a short/sell opportunity:
1. Bat Pattern
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 38.20% < A point AB leg
Dpt completion - 88.60% XA leg
2. Shark Pattern 88.6%
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - closes beyond 141.40% extension of AB leg < 161.80% AB leg
Dpt completion - 88.60% XC leg
Same completion on the 88.6% Price, either go aggressively short/sell on the completion or wait for further confirmation to short (conservative). Targets as seen on the chart and stops just above the pattern's X point.
Take note Price breaking the bottom horizontal red line will invalidate this setup.
Trade with care and be great!
1. Bat Pattern
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 38.20% < A point AB leg
Dpt completion - 88.60% XA leg
2. Shark Pattern 88.6%
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - closes beyond 141.40% extension of AB leg < 161.80% AB leg
Dpt completion - 88.60% XC leg
Same completion on the 88.6% Price, either go aggressively short/sell on the completion or wait for further confirmation to short (conservative). Targets as seen on the chart and stops just above the pattern's X point.
Take note Price breaking the bottom horizontal red line will invalidate this setup.
Trade with care and be great!