Previously I posted about the Bat formation on the WKLY chart that completed the week of 7/13/15. (See Below) TP1 has not yet been reached.
The above WKLY chart shows the recent resistance hold ~.7755 and is currently retracing. Momentum is still to the upside and substantial strong support starting ~.7495. With that being said, there still could be plenty of retracing to do.
The Daily chart shows the retracement. It is currently at a weak support zone. First strong support zone is .7495-.7483. We could see a bounce and a good long opportunity (short time frame).
4H chart above shows the recent Bull Gartley completion. (TP2 was just missed). I did not enter a trade because I didn't like the risk/reward ratio.
4H also shows a potential Bull Butterfly formation. The PRZ also sits at a much stronger support area and it has a more favorable risk/reward should the formation occur.
Unless the weak support zone continues to hold, I'm waiting for further retracement & bullish PA at strong support before completely committing to a long position.
The Daily chart shows the retracement. It is currently at a weak support zone. First strong support zone is .7495-.7483. We could see a bounce and a good long opportunity (short time frame).
4H also shows a potential Bull Butterfly formation. The PRZ also sits at a much stronger support area and it has a more favorable risk/reward should the formation occur.
Unless the weak support zone continues to hold, I'm waiting for further retracement & bullish PA at strong support before completely committing to a long position.
