GBPUSD: Bear Cypher Forming a Potential Bull Bat

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!

Akil

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