Oztrade
Short

GBPAUD - 60M BEARISH BAT PATTERN - ADVANCED PATTERN

FX:GBPAUD   British Pound/Australian Dollar
128 1 6
Hi All, just thought I would get this out to keep on the radar, if we see price continue upwards it could provide a good opportunity for a shorting position retesting these highs. If we proceed downwards I have posted a previous Bullish Cypher Pattern, if price breaks this level of 2.15000 there is a larger BAT PATTERN and I will surely post this depending on which way we go.

As always Stops Red, Entry Green, Targets Blue

Stop Red at Minimum Level of the 1.113% - need to be above this and keep in mind the ATR on this pair.

Green is the Standard 88.6% entry for Bat Pattern - Fib Retrace From X to A Move

Targets we will be looking at initial Targets 1 just above the 38.2% Fib Retrace from A to D - after we have D completion we need to adjust our targets.

Target 2 we will be looking at initial Targets 2 just above the 61.8% Fib Retrace from A to D - after we have D completion we need to adjust our targets.

After we have reached our Target 1 we need to bring our second stop down to the Break Even entry level to protect our second position. I like to keep it just below entry to ensure it is actually break even maybe a few pips this should cover commission fee spread etc.

Remember if C leg goes past A then scrap this pattern

Good luck this week and happy trading
Targets 1 and 2 adjusted on this pattern
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