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Alternate Bat

Long GBPJPY: Alternate Bat at Trendline SupportGBPJPY has completed a bullish bat at strong trendline support. This allows for a 5:1 R/R because a break and close below the trendline nullifies the trade. In addition to the pattern completion, there was a strong breakout from a 1D trendline that may potentially be retested. A missed pivot cluster may add to the bullish bias. We also have bullish RSI divergence printed, which is also oversold. Entry at current levels with SL below structure lows and target at the .382 retracement of the CD leg. The target is confluent with the missed pivot cluster. Confluence in the PRZ: Bullish alternate bat pattern complete Strong daily trendline support Missed pivot cluster at .382CD retracement Bullish RSI divergence RSI Oversold Possible retest of breakout line
Long
by glennmercer
2
USDJPY Short: 2 Bats, Continuation of Larger TF Bearish GartleyAfter a bullish Wolfe Wave setup completed for +50 pips, profit-taking may bring the pair back down again. Two confluent harmonic patterns present an excellent R/R for re-entry to catch the continuation of bearish movement related to the daily Gartley pattern (see related ideas). Price has been contained below the Wolfe Wave targetline and any close above recent highs will invalidate the entry. Target is placed at T1 (.382CD) with SL above recent highs. Confluence in the PRZ: Bearish bat pattern completion Bearish alternate bat pattern completion Wolfe Wave target line .618 key fib level Bearish Gartley bias on the daily chart Missed monthly pivots below price Bearish Gartley on D1: Wolfe + Elliott, Possible Stall in Bullish PA: Thank you for your continued support and don't forget to click the thumbs up button and follow for future updates and more trade ideas!
Short
by glennmercer
Short AUDCAD: Gartley, Alt. Bat, Wolfe Wave, Trendline & PivotAUDCAD is nearing the completion of two bearish advanced patterns. The pattern PRZ is confluent with a potential Wolfe Wave setup. A daily trendline may add to the resistance in the PRZ. An unhit weekly pivot sits below price to add to the bearish bias. SL is set above secondary trendline resistance. Targets are set at .382 and .618 retracements of XA. A third target is placed at the BC terminus which is confluent with the Wolfe Wave target line. Target Risk/Reward Ratios: T1: 0.75 T2: 1.23 T3: 2.02 Confluence in the PRZ: Bearish Gartley pattern completion Bearish AB=CD (Gartley) 1.272BC projection (Gartley) Bearish alternate bat pattern completion 2.24BC projection (alt. bat) 1.786AB=CD (alt bat) Bearish Wolfe Wave setup Unhit weekly pivot below price 2 daily S/R trendlines (see below) 3 Day Chart: Trendlines Thanks for your support and please don't forget to click the thumbs up button and follow for future updates and more trade ideas
Short
by glennmercer
2
Short EURAUD: Bat + Alternate Bat + Wolfe WaveEURAUD showed great strength today after hawkish comments from ECB president Mario Draghi sent it rallying through my previous PRZ. I am again bearish on this pair as there are two bat setups completing near an optimal Wolfe Wave sell zone. A new daily pivot sits below price to add to the bearish bias. Targets are placed at the new pivot and near the 1-4 WW target line. Confluence in the PRZ: 1. Bearish bat completion 2. Alternate bearish bat completion 3. Wolfe Wave sell zone 4. 2AB=CD 5. 1.786AB=CD 6. 3BC Projection Thanks for viewing and don't forget to take a second to click the thumbs up and follow for future updates and more trade ideas!
Short
by glennmercer
Alternative bat as a test of the broken channelReading the chart After the pair broke out to the upside, it came back to test the broken channel. Now, this breakout represented itself as a completed harmonic pattern: the alternative bat. Also, the RSI (7) is heavily oversold and comparing this strength with the previous low (close) it tells me that the bears were sold out too soon. Therefore, this could mean a hidden bullish divergence and should indicate that the retracement upwards should continu. Setup Entry: 0.6581 SL: 0.6547 target 1: 0.6640. risk/reward: 1:1.74 target 2: 0.6677 target 3: 0.6737
Long
by Mikoxl.
3