StarProsper
Short

GBPUSD / 1HR / Bearish Bat Pattern

FX:GBPUSD   British Pound/U.S. Dollar
Bearish bat pattern on the GBP/USD             1 hour chat.

Also keep note, that this is also a double top. After hitting targets, I'll be waiting for a 618% retrace to sell again.

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Philip Stewart
Philip Stewart - FX Trader @ Star Prosper

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nonobeijing
2 years ago
Doesn't look like a Bat pattern to me. To be a Bat pattern, you need to have "Move AB should be the .382 or .500 retracement of move XA." (taken from baby-pips). Here we have less than 0.382.
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pschloegl
2 years ago
Yes, thats defintley no bat pattern, I also dont see a double top neither!
I trade bat pattern only when B as the retracement of the XA move is atleast a .500 and lower 0.618.
Following this rule this pattern is very profitable!!!
A double top or double bottom is for me no indication for a trade!
Good luck!!!
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KevinT pschloegl
2 years ago
X and D are double tops
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pschloegl KevinT
2 years ago
then good trading!!!!

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StarProsper
2 years ago
snapshot
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