DESCRIPTION: In the 1.24ish area, we have a BEARISH BAT PATTERN and a BEARISH CRAB PATTERN. We also have an important structure resistance (BLUE HORIZONTAL LINE), which is also a psychological level of resistance (1.24000, round number).
ENTRY: I will enter the trade if the two patterns complete themselves AND, if we have a significant rejection of the resistance at 1.24. A significant rejection would be a candlestick reversal pattern on the 4HOUR timeframe.
TARGET: TARGET 1 will be placed at the 38.2% RETRACEMENT of the harmonic patterns combined with the next structure support at approx. 1.23000. TARGET 2 will be placed at the 61.8% RETRACEMENT of the harmonic patterns combined with the next structure support at approx. 1.22650.
STOPS: STOPS will be placed above the last high formed by the candlestick reversal pattern made on the 4H timeframe.
ENTRY: I will enter the trade if the two patterns complete themselves AND, if we have a significant rejection of the resistance at 1.24. A significant rejection would be a candlestick reversal pattern on the 4HOUR timeframe.
TARGET: TARGET 1 will be placed at the 38.2% RETRACEMENT of the harmonic patterns combined with the next structure support at approx. 1.23000. TARGET 2 will be placed at the 61.8% RETRACEMENT of the harmonic patterns combined with the next structure support at approx. 1.22650.
STOPS: STOPS will be placed above the last high formed by the candlestick reversal pattern made on the 4H timeframe.
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