There is a possible bearish bat for GBPUSD. Upon D completion at 1.35707 (88.6 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above point X. The take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 1.35707
SL 1.36228 | SL pips 52.1
TP1 1.34307 | TP1 pips 140.0
TP2 1.33443 | TP2 pips 226.4
TP3 1.32043 | TP3 pips 366.4
RRR1 2.69 | RRR2 4.35 | RRR3 7.03
Trade Setup: Possible Bearish Bat
Price Entry 1.35707
SL 1.36228 | SL pips 52.1
TP1 1.34307 | TP1 pips 140.0
TP2 1.33443 | TP2 pips 226.4
TP3 1.32043 | TP3 pips 366.4
RRR1 2.69 | RRR2 4.35 | RRR3 7.03
Order cancelled:
This setup is invalidated as price did not reach 1.35707 (88.6 of XA) in the recent swing high. (June 14)