Hello traders, here we have GBP/USD on the 15m chart with a valid bullish bat pattern.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
XA Retracement: 0.886
Price has confirmed the PRZ which consisted of a 1.618 AB=CD, 2.24 BC and 0.886 XA retracement as the final ratio.
I'm paying attention to this small structure in the PRZ on the 1m chart, awaiting a break to the upside.
Due to the nature of this setup, I'm waiting for further confirmation of the reversal.
If you found this helpful leave a like! Thanks for your support.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
XA Retracement: 0.886
Price has confirmed the PRZ which consisted of a 1.618 AB=CD, 2.24 BC and 0.886 XA retracement as the final ratio.
I'm paying attention to this small structure in the PRZ on the 1m chart, awaiting a break to the upside.
Due to the nature of this setup, I'm waiting for further confirmation of the reversal.
If you found this helpful leave a like! Thanks for your support.
Comment:
PRZ violated, we're seeing aggressive downside movement... Onto the next opportunity.
We may still experience a reversal lower, but to me
This is a prime example as to why we don't jump the gun on positions and wait for the setup to materialise.
We may still experience a reversal lower, but to me
This is a prime example as to why we don't jump the gun on positions and wait for the setup to materialise.
📈 Master the Art and Science of Trading: www.sixfigurecapital.com
Awaiting for price action to unfold before buying.