Chart is self explanatory. Waiting on reversal price action around the PRZ.
Trade active
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Short initiated @ 1.2784.
Comment
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Holding the short in case this is an Alt-Bat
Comment
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As I kindly got reminded, the Alt-Bat I described above is NOT valid as AB is greater than 0.382XA. Sorry about the confusion
Trade closed: stop reached
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price blasted through 1.27XA where my stop was. This trade is closed
Comments
Swerver
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Hey there, just a quick note.
ALT BAT requires the B is less than .382, its the major distinction between the 2 besides the 113 extension.
I had the same idea for the BAT as it fell into confluence of resistance, news however had another idea :)
Thanks for sharing!
"The B point retracement must be a 0.382 retracement or less of the XA leg. The Alternate Bat utilizes a minimum 2.0BC projection. In addition, the AB=CD pattern within the Alternate Bat is always extended and usually requires a 1.618 AB=CD calculation"
Vegapit
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@Swerver, Oops, you are very right about the 0.382XA limit. My bad, thank you for the clarification. I had set a stop level at the 1.27XA extension for this Bat as the price reversal was not so clear, so I luckily have escaped untouched from this silly price spike so far. The news was ECB related so there is still hope for GBP bears like me... =;]
Swerver
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@Vegapit, Hey np!, yah I took the loss on the trade, was a little heavy at a 4% SL, I a, also still bearish I will be back :)
ALT BAT requires the B is less than .382, its the major distinction between the 2 besides the 113 extension.
I had the same idea for the BAT as it fell into confluence of resistance, news however had another idea :)
Thanks for sharing!
"The B point retracement must be a 0.382 retracement or less of the XA leg. The Alternate Bat utilizes a minimum 2.0BC projection. In addition, the AB=CD pattern within the Alternate Bat is always extended and usually requires a 1.618 AB=CD calculation"