This is why I fell in love with harmonic trading strategies. They work so well in consolidations like this, that sometimes you feel your self like a wizard able to predict reversal point with pip to pip precision. Although this might not be the best example as the first cypher pattern failed and my stops got taken out for that trade, however the next two cypher patterns made it all back taking out all 3 profit targets for both trades.
After one failed and 2 successful trades, this consolidation is now forming a 4th opportunity within the same consolidation and it is the Bullish Bat . I have to say that Bats are my favorite advanced patterns as they offer the best Risk/Reward Ratio and usually are very distinct on this pair, according to my test results.
Now overall market condition is Bullish as we are in Bullish trend where this consolidation occurred right above the 0.8900 even handle number which also happens to be 38% fib retracement of the prior bullish swing and major structure level as well. My entry method for this trade is gonna be limit order 2 pips above the completion price with ATR based stops above the Bats XA leg.
I remind you that it's just my vision about possible market movements. If you have your own, please share in comments. I will be glad to discuss with you. I will be very grateful for supporting my post by your LIKEs, if it's not so hard for you. :)
Trade your plan and good luck in the markets.
After one failed and 2 successful trades, this consolidation is now forming a 4th opportunity within the same consolidation and it is the Bullish Bat . I have to say that Bats are my favorite advanced patterns as they offer the best Risk/Reward Ratio and usually are very distinct on this pair, according to my test results.
Now overall market condition is Bullish as we are in Bullish trend where this consolidation occurred right above the 0.8900 even handle number which also happens to be 38% fib retracement of the prior bullish swing and major structure level as well. My entry method for this trade is gonna be limit order 2 pips above the completion price with ATR based stops above the Bats XA leg.
I remind you that it's just my vision about possible market movements. If you have your own, please share in comments. I will be glad to discuss with you. I will be very grateful for supporting my post by your LIKEs, if it's not so hard for you. :)
Trade your plan and good luck in the markets.