EURGBP - Giant bearish bat pattern completed

FX:EURGBP   Euro / British Pound
925 13 24
Personally I do not trade this because the pip distance for the stop loss is beyond my acceptable level but I think nevertheless that this is an excellent opportunity for those longer term traders among us.

I myself might look to get on board of this short using another strategy, based on a potential double top or other structure/pattern on a lower time frame.

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Totally concur with your analysis, thank you for sharing. My amateur eye has noticed the potential for a bearish crab pattern as highlighted on following chart. Think this can be a rewarding trade with a great RR. Thanks again
+1 Reply
Hey Capra, thanks for sharing. I personally do not trade crab patterns, I stick to the ones I know and tested (Bat, Gartley and Cypher).
+1 Reply
Capra Nico.Muselle
Point D of the crab would over shoot the .886 point D of your bat pattern but would not break point X so the pattern would still be very much valid. Like you said a great area to be looking for further signals to enter short. Good luck Nico
+1 Reply
Good to hear ! So you would be looking for a short entry a little higher up if I understand correctly .. Anyway, good luck to you too ! :)
+1 Reply
Capra Nico.Muselle
Yeh, the 1.618 extension around .8020. Very nice divergences on the daily that makes me think I may be a bit optimistic with this price target. Lets see what signals we get and act accordingly. This looks to be a great potential short
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I agree, should be a good opportunity !
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Thans Nico
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You're welcome ! :)
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Looking good. :)
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