On the GBP.AUD 1hr chart we have a potential short opportunity at the D leg completion of bearish Bat setup.
The price reversal zone on this pair is between 1.6368 & 1.6398 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the C to D move. There is also an opportunity to look for extended targets at around 1.6150 Stop loss would be placed above X leg structure resistance .
Target 1 - 1.6274 Target 2 - 1.6215
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This setup is still valid as it approaches the D leg completion.
Hi Tom.
I think your last comment must relate to another pair , as the GBPAUD is some 230 pips below the D leg completion drawn above.
Also the XA leg has been clearly broken
UnknownUnicorn180388
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@scairns, Sorry you are correct, i am unsure on why this was on the wrong pair.
I think your last comment must relate to another pair , as the GBPAUD is some 230 pips below the D leg completion drawn above.
Also the XA leg has been clearly broken