GBP/USD - Bullish Bat Long

British Pound/U.S. DollarFXCM

Description

⋅ Jun 27, 2018 6:29 PM

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.

Comment

⋅ Jun 27, 2018 6:49 PM

Breakdown of the 1m structure, now expecting price to return to 1.31268 which provides a better entry but still unsure of the reversal.

Awaiting for price action to unfold before buying.

Comment

⋅ Jun 27, 2018 7:13 PM

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.

Comments

declanwright

⋅ Jun 27, 2018 7:48 PM

I’m looking at a bullish crab on the 1D that finishes around 1.26 the A-C ratio is off but so far the rate has smashed through 2 of my PRZ’s so I’m hopeful

AhmedKhattab

⋅ Jun 27, 2018 6:33 PM

Thanks Lewis
Could you please publish your thoughts about Gold XAUUSD?

LewisGlasgow

⋅ Jun 27, 2018 6:38 PM

@AhmedKhattab, you're welcome! I'll take a look, didn't see any setups that fit my rules earlier this week.

If there's anything I feel is worth sharing it'll be on here :) thanks

AhmedKhattab

⋅ Jun 27, 2018 6:39 PM

@LewisGlasgow, Thanks, I am waiting :)