Bearish Bat Pattern // Short @D // IF=THEN ®

FX:GBPCAD   British Pound / Canadian Dollar
Objective: Short at D

Notes and targets on chart;

1. Unless the price goes directly to point D, we can expect a small retracement testing previous structure, then, bulls can take, eventually, new control of the game.
IF so, and IF we get point D, Then, i will enter in a short position there;

2. Poin X hit one major resistance forged in previous years.(red line)
Between Sept05 and June06 acting as a support, and then after being broken
acting as a resistance between Sep07 and Oct08.

3. The final Point D of this advanced pattern actually enter in that price zone level...(IF reached)

4. After forging point A we begin to see an Higher High (point B), a Lower Low (point C) and a new Higher High at 2.04943 (current price);

5. Eventually price action can create a new Higher Low around 2.04000 (creating a good agressive Long entry with nice risk/reward - green arrows) before "rally" to point D;

6. OR we can see price action in a consolidation process, and slowly going to test resistance again but in this case, it can go test the "Major Bullish Trendline" (purple) before going up again.

5. The last but never forgotten, thanks "red43" that warned about this advanced pattern in "our" chat here in tradingview.

I wish you good trades;
Listen some music while trading it keeps you relaxed ;)


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out