We also have with the minor 1.414% from our recent C leg to the low structure after C Leg - or you could say the outside return
We also have a move I have drawn in white - completion at our D 78.6%
If we go upwards there is 2 Patterns I will be watching if we break the first Bat I will post the second one as we get near that level.
When you look at GBPAUD from HTF we appear to have completed some moves and appear to be in a rotation, we have had a break and close below previous structure, which is our X leg on this , this tends to lead towards a price continuation to the downside after we see a retrace which we are seeing now.
In saying this we may also see some consolidation with this pair as it competes with buyers and sellers on the other pairs being AUDUSD GBPUSD .
As always traders on Screen we have the , entries stops and targets
Green is our Entry Level - STD 78.6% D completion
Stops are our Minimum level and need to be below
Initial Target 1 - Blue - 38.2% for TP1 and always just below here so we ensure to get filled on targets
Initial Target 2 - Blue - 61.8% for TP2 and always just below here so we ensure to get filled on targets
Second stop to be moved up to our break even entry level when Target 1 is acquired
Targets to be adjusted downwards when we have the D completion - very important
Risk reward is slightly less than 1:1 because we have our T1 just below 38.2% - this is still great for as we see it often having an inverse R:R on - but because the win ratio and frequency of these patterns in the market the R:R is not a problem.
If your rules say that it needs to be minimum 1:1 R:R - then maybe you can find a lower entry to better the R:R
Enjoy your trading this week