GBPUSD: Bear Cypher Forming a Potential Bull Bat

FX:GBPUSD   British Pound/U.S. Dollar
After a pain free win on yesterday's bearish Cypher formation (you need those sometimes), price action is now making it's way back down to the Cypher lows, which if you bump out to a higher timeframe also represents the "B" leg of a potential bullish advanced bat formation .

Once my day trading day begins (at 8am NY) I'll be eyeing this level for potential long opportunities on the lower time frames (LTFs), but from a swing trading perspective the potential Bull Bat is the next trading idea on my radar.

Very busy day yesterday as we saw 4 advanced pattern formations fill. Fortunately 3 of them were able to achieve targets with the remaining trade on the EURJPY             coming very close. Either way what matters most is that they were all "Good Trades" and remember that's the goal if you want to see long term consistency with your trading.

Good luck out there today traders and let's make some good trades!

Trade active: Filled at 1.3104
Trade closed: stop reached: Not the way I wanted to end the week. Figured it was due, just stinks that this was a max loss type trade
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better luck next time, I see you trust your cyphers a lot
+1 Reply
Akil_Stokes PRO Bull_Trader123
Thanks, and yes, while not my favorite advanced pattern formation to trade, it's certainly been a pleasure to have them in the arsenal.
Good trading akil thanks for sharing
+1 Reply
Akil_Stokes PRO GrantShuttleworth
Thank you grant
you are human after all even the best lose trades thanks for sharing Akil learning a lot from you
+1 Reply
Thanks, and you're correct, the best lose and lose a lot. If I were to let losses bother me, I'd be out this game a long time ago. Looking back in time i'm just upset that it took me so long to realize how unimportant a high winning percentage is in the bigger scheme of things.
yea.. thank you mr. hammond....
+1 Reply
Mr. Hammond?
Jimdandy Akil_Stokes
Yea.. it was his gum flappin that made the Pound take a dive.. stupid news... http://www.forexfactory.com/news.php?do=news&id=607288
+1 Reply
Gotcha, thanks
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