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.
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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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 TOP MarkSterensohn
7 days ago
@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
juklangel11 Akil_Stokes
7 days ago
@Akil_Stokes, yeah, pound aussie works perfect in these harmonics..lets c if gets there.. excellent angle of the pairs as always Akil..i'd love to form a team with you..like a risk management desk..from 100k to 1 million.. then exchanging ideas constantly..but know you are involved in education lol..u r the kind o trader i'd have on my side any day really.
Reply
Akil_Stokes TOP juklangel11
7 days ago
@juklangel11, Thanks! And yeah it seems like we consider starting a prop firm at trade empowered each year (we actually have those year end meeting coming up soon) but every time we do, we remember why we got started. Maybe in the future we'll have enough seasoned traders that have come through our courses, that we can give them an opportunity to trade money and start a trading career through us. I appreciate the comments man!
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MarkSterensohn PRO Akil_Stokes
7 days ago
@Akil_Stokes, Akil, can you explain short concerning a take profit? Is it the 38% level from an original C-D or the 38% from C to factual D leg which has been formed?`Don't really understand this concept.
+1 Reply
Akil_Stokes TOP MarkSterensohn
7 days ago
@MarkSterensohn, When using fibonacci for targets you would need to roll your fibs with price action so if price action moves lower than your original prediction point you'll have to adjust your fibs accordingly. If you have the chance Mark I recommend getting involved in the live room or the syndicate. It's easier to explain when live in front of a chart than through images. We have essentially free trials for both, so that may be helpful down the road

+1 Reply
Swerver
7 days ago
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
Akil_Stokes TOP Swerver
7 days ago
@Swerver, Thanks, and congrats on your profitable trade
+1 Reply
Swerver Akil_Stokes
7 days ago
@Akil_Stokes, Thanks!, and you too!
Could be joining you on this trade yet as we get closer to D day :)
+1 Reply
Akil_Stokes TOP Swerver
7 days ago
@Swerver, Nice!
Reply
Swerver
7 days ago
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
Akil_Stokes TOP Swerver
7 days ago
@Swerver, Thanks for sharing your idea, with the visual
+1 Reply
Swerver Akil_Stokes
7 days ago
@Akil_Stokes, No worries, love your ideas, keep em up
+1 Reply
Akil_Stokes TOP Swerver
6 days ago
@Swerver, Thanks
Reply
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