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EURGBP Bearish Bat and White Swan Formation Update: TP3 Reached 250 Pips

EURGBP Bearish Bat and White Swan Formation

Description: We have two bearish harmonic patterns on H4 chart timeframe sending bearish retracement signals. The Bearish White Swan would be completed at 0.89200 and The Bearish Bat has almost been completed at 0.88900. If the paterns work as anticipated, the first target will be 0.88550. The ascending trendline must be broken in order to see the bearish continuation.

Trade Period: Midterm Trading

Pair / Instrument: EURGBP

Time Frame: H4

The trend in the Timeframe: Bullish

The trend in the Daily Chart:  Bullish

Trade Based On: Bearish Bat and Bearish White Swan Harmonic Patterns

Accuracy: %91 ( Bearish Bat ) 88% Bearish Swan

Recommended Lot Size: 0.05@ 10 K Account with 1:100 Leverage

Trade: Short

The Area Of The Entry: 0.88900 Bearish Bat  – 0.89180 Bearish Swan

Stop Loss:  Above 0.89500

Target 1: 0.88600

Target 2: 0.88150

Target 3: 0.87700

What to Pay Attention:

  • If the patterns do not work as anticipated, the pair is likely to test 0.89940 2.618 Extention. We will look for a short opportunity
  • You can add short at the potential breakout of the rising trendline. We will send entry notfication to the members for additional short opportunity.

You can view the setup: EURGBP BAT PATTERN

Update: TP3 Reached. Bat 120  Pips Swan 100  Pips . 130 Pips So far. We close 30 of the positions and move Stop Loss to break even. 

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Rules To Keep In Your Mind:  Trade Safe. Money  Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

EURGBP Bearish Bat Pattern: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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