Akil_Stokes
Long

GBPAUD: Potential Bat Formation w/ Equal Measured Moves

FX:GBPAUD   British Pound/Australian Dollar
Hey traders, looking at the GBPAUD             here for a potential bullish advanced bat formation . In very similar fashion to the EURJPY             trade from a few days ago, this started off as a simple look at the market putting in equal measured moves combined with fibonacci ratio confluence & then morphed into a potential advanced pattern formation as I looked a little closer.

The cool thing about this chart is that the equal measured moves are not only on the extensions (in red), but also on the retracements (in blue). Always pretty neat when the market moves like that.

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Just done a bit of exploring on this pair on the 1 hour TF and found an interesting Crab mirror, the Bullish pattern would complete around the same price area as your proposed bullish BAT, always nice to have some confluence :)

snapshot

+1 Reply
@Swerver, Thanks for sharing your idea, with the visual
+1 Reply
Swerver PRO Akil_Stokes
@Akil_Stokes, No worries, love your ideas, keep em up
+1 Reply
@Swerver, Thanks
Reply
Thanks for sharing Akil,

I am in a Sell trade from a much larger spanned BAT formation on the same Time frame, TP1 hit, but I will be looking for resistance around the area of your pattern completion for possible reversal, or if reversal signs are not there keep on trucking this trade to TP2

snapshot
+1 Reply
@Swerver, Thanks, and congrats on your profitable trade
+1 Reply
Swerver PRO Akil_Stokes
@Akil_Stokes, Thanks!, and you too!
Could be joining you on this trade yet as we get closer to D day :)
+1 Reply
@Swerver, Nice!
Reply
Hi Akil!

Great setup!

Can you reccomend a "ZUP indicator" (from Forexfactory) for pattern identification, or it's better always to make the own analysis with hands?
+1 Reply
Akil_Stokes PRO MarkSterensohn
@MarkSterensohn, I've never used it so I can't recommend it. I would however recommend our advanced pattern recognition software as a "tool" but I always think it's good to no them by hand as well.
+1 Reply
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