Oztrade
Short

BIG BEARISH BAT - GBPUSD - 240M - ADVANCED PATTERN

FX:GBPUSD   British Pound/U.S. Dollar
185 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.
Totally agree, thanks for sharing

POUND _ LONG SETUP
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KVE PRO
a year ago
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.
GBPUSD: Possible scenario
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