USDCAD (Bat Pattern and other Chart Patterns) - 4h Chart
Bat Pattern confirmations:
- A-B must touch 0.5, but cannot touch 0.618
- B-C must touch 0.618, but cannot exceed A (FIbo A-B) or just keep an eye on that 0.236
- D completion at 0.886 (Fibo X-A)
- take profits at 0.382 and 0.618 (Fibo A-D)
- third TP would be long term back to where it all started
We can see inside left leg there was several harmonic patterns been completed on a bullish movement until it made a double top at point A (Bat) for bearish initiation.
At this point a major consolidation was formed with an ABC structure, I measured bearish impulse by placing 0.236 below consolidation, where point B is and got major retracement 0.786 as a higher high at point C, by this point price has been bearish since it reached 0.786. I expect to sell from 0.236 to -0.27 near Bat Pattern completion.
Good Trading. - 4h Chart
- A-B must touch 0.5, but cannot touch 0.618
- B-C must touch 0.618, but cannot exceed A (FIbo A-B) or just keep an eye on that 0.236
- D completion at 0.886 (Fibo X-A)
- take profits at 0.382 and 0.618 (Fibo A-D)
- third TP would be long term back to where it all started
We can see inside left leg there was several harmonic patterns been completed on a bullish movement until it made a double top at point A (Bat) for bearish initiation.
At this point a major consolidation was formed with an ABC structure, I measured bearish impulse by placing 0.236 below consolidation, where point B is and got major retracement 0.786 as a higher high at point C, by this point price has been bearish since it reached 0.786. I expect to sell from 0.236 to -0.27 near Bat Pattern completion.
Good Trading. - 4h Chart
