EURUSD is nearing the PRZ of a bearish bat in a significant area of S/R. MACD is also printing divergence in addition to RSI being overbought. A missed weekly pivot sits below price and is confluent with a larger .5 retracement. Entry is placed at the bottom of the PRZ with a SL above 1.13XA and targets at .618CD and the missed weekly pivot.
Confluence in the PRZ:
Confluence in the PRZ:
- Bearish bat pattern completion
- 2.5AB=CD
- 2.618BC projection
- S/R Zone
- RSI Overbought
- Bearish MACD Divergence
- Missed weekly pivot below price
Note
Thank you to Jhakas who pointed out the 20 week EMA! It is confluent with the PRZ and may add to the resistance in this area:Trade active
Trade Active: Short EURUSD at 1.09665Trade closed manually
Trade closed manually due to Bullish close above PRZ/EMA. Will look for possible re-entry later.Trade closed manually
Wrong chart:Trade active
Active again manually, entry at 1.09675. Same SL and TP.Note
Beautiful drop! Half profit taken, +90 pips! SL moved to B/E for second half.Note
Trade is still active, 2 more bearish bats have completed on shorter TF's.
Trade closed: target reached
Traders who held - T2 Achieved: +174 Pips
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Related publications
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.