Oztrade
Short

BIG BEARISH BAT - GBPUSD - 240M - ADVANCED PATTERN

FX:GBPUSD   British Pound / U.S. Dollar
186 2 6
Hi All, I wanted to share this big bearish bat pattern setting up here after our news release.

I have chosen this X leg as the impulse leg based on our previous structure level.

This is a very respected level of structure in the past if you follow price back you will see how price reacted at these levels.

We will see how price reacts but I cant see it going beyond 1.57000 before some sort of retrace.

Keep your eyes on this hopefully we can find a reason for entry when we get to the 88.6%

Previous Major Resistance

AB=CD Harmonic Move

Advanced Pattern Completion

RSI should be very O/S

This is providing us with a lot of confirmation and close to Major FIB EXT 1618

The reaction at that level bringing it right inline with the 88.6% is a great sign.

Good Luck and happy trading guys.
You may very well be right! This is another posibility for my analysis on this pair!
I'm a bit worried though about your entry level, the X of the bat could also be drawn higher and then your .886 level for D will also be higher (and better R/R wise)...
My preferred entry to trade off the bat currently is 1.5740. I can then place my SL above the high of August 25th and still get good R/R.
Reply
Totally agree, thanks for sharing

Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out