Today we have EUR/GBP on the 1h chart with a bearish BAMM (Bat Action Magnet Move) setup in combination with a bullish bat pattern.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I understand the BAMM theory will be relatively new to most traders, I've posted a few charts about this style of trading but it simply focuses on a breakout of the B point.
A clear break and close below support at B would indicate further declines, therefore, completing the D leg around 0.87700.
Below are my stop loss and take profit levels.
SL: 0.89350
TP: 0.87700
This is an excellent opportunity with around a 1:3 risk to reward.
Green area displays the profit zone.
I hope you all have an excellent week :)
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
I understand the BAMM theory will be relatively new to most traders, I've posted a few charts about this style of trading but it simply focuses on a breakout of the B point.
A clear break and close below support at B would indicate further declines, therefore, completing the D leg around 0.87700.
Below are my stop loss and take profit levels.
SL: 0.89350
TP: 0.87700
This is an excellent opportunity with around a 1:3 risk to reward.
Green area displays the profit zone.
I hope you all have an excellent week :)
📈 Master the Art and Science of Trading: sixfigurecapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Master the Art and Science of Trading: sixfigurecapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.