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joelduque
Oct 12, 2018 4:55 AM

2018Oct12 GBPUSD H4 Possible Bearish Bat Short

British Pound/U.S. DollarFXCM

Description

GBPUSD has recently been on an uptrend. A bearish bat is nearing its completion with bearish divergence. This gives us an opportunity for a countertrend trade for the pullback. Other GBP pairs are likewise are at or near their resistance levels. Upon D completion and confirmation of the bearish bias, I will go short. Stop loss is just above X point while the take profit target is at the 38.2 Fibonacci retracement level of the AD leg. Tentative details are as follows:

Trade Setup: Possible Bearish Bat
Price Entry 1.32556
SL 1.33036 | SL pips 48.0
TP1 1.31280 | TP1 pips 127.6
RRR1 2.66
Comments
mohamed.mannaa8888
THERE IS ALSO shark pattern in sam area with a same D point which increase the strengh of pullback chance
qbutler
So a pending order for a sell stop?
qbutler
@qbutler, no sell limit
joelduque
@qbutler, hello there. Best to wait for reversal candlesticks like double tops or candles breaking and closing below the trendline support. :)
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