GBPUSD / 1HR / Bearish Bat Pattern Short

British Pound/U.S. DollarFXCM

Description

⋅ Mar 22, 2015 11:23 AM

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.

Star Prosper
Philip Stewart

USD (US Dollar)Bat

Comments

UnknownUnicorn168204

⋅ Mar 23, 2015 11:51 PM

pschloegl

⋅ Mar 22, 2015 2:35 PM

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!!!

KevinT

⋅ Mar 22, 2015 4:23 PM

X and D are double tops

pschloegl

⋅ Mar 22, 2015 5:34 PM

then good trading!!!!

nonobeijing

⋅ Mar 22, 2015 2:15 PM

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.