GBPAUD - POTENTIAL BULLISH BAT BULLISH CYPHER - 240M
Hi All, I posted this the other day just to keep it on the radar.
After my post we now have a potential Bat as well as the cypher setting up here for a Long Opportunity.
BAT Pattern has Fibonacci Extension Confluence levels - Minor 1414 and Major 1618 and also a 127.2 Fibonacci Inversion from the Cypher A to B leg. It also completes close to the even handle 2.15000 and 88.6% completion - with AB=CD
I have also marked in 2 green arrows for the Previous Resistance zone which became support which you can see from our X Leg.
Cypher D completion has a 127.2 Fib Ext and Minor 1414 confluence. And 78.6% completion
Depending on your rules and which patterns you trade, you can look for aggressive entry on either pattern or a signal which will provide you with more confirmation of reversal. If we continue downwards I would hope to see the reversal around the Bat D Completion which will provide us with a better risk reward profile.
I havent put in the entry stops and targets in this trade, you can use the A to D leg retracement of the BAT and look for targets at the 38.2% and 61.8% and also base it around the structure levels where we know price is most likely to retrace and retest at.
Cypher you would do the same but using the C to D leg for Retracement levels 38.2% and 61.8% - depending on your rules and targets it will determine your entries stops and targets.
The only thing we need to keep in mind with this is the next level of support on this TF if we break below X
Check your filters
Happy Trading
After my post we now have a potential Bat as well as the cypher setting up here for a Long Opportunity.
BAT Pattern has Fibonacci Extension Confluence levels - Minor 1414 and Major 1618 and also a 127.2 Fibonacci Inversion from the Cypher A to B leg. It also completes close to the even handle 2.15000 and 88.6% completion - with AB=CD
I have also marked in 2 green arrows for the Previous Resistance zone which became support which you can see from our X Leg.
Cypher D completion has a 127.2 Fib Ext and Minor 1414 confluence. And 78.6% completion
Depending on your rules and which patterns you trade, you can look for aggressive entry on either pattern or a signal which will provide you with more confirmation of reversal. If we continue downwards I would hope to see the reversal around the Bat D Completion which will provide us with a better risk reward profile.
I havent put in the entry stops and targets in this trade, you can use the A to D leg retracement of the BAT and look for targets at the 38.2% and 61.8% and also base it around the structure levels where we know price is most likely to retrace and retest at.
Cypher you would do the same but using the C to D leg for Retracement levels 38.2% and 61.8% - depending on your rules and targets it will determine your entries stops and targets.
The only thing we need to keep in mind with this is the next level of support on this TF if we break below X
Check your filters
Happy Trading
