KVE
Short

GBP/USD: Updated Bat and alternative patterns

FX:GBPUSD   British Pound/U.S. Dollar
324 3 3
This is an update on my previous idea on this pair.
The FOMC decision not to change US interest rates sent this pair on it's way to possibly fill a bat pattern!

I've included 2 possible butterfly patterns (possible with a B @ .786 of XA and 2 possibilities for the completion of D) and 1 possible crab pattern . The blue arrow points to the preferred scenario, the red arrows are potential alternative scenario's based on the other possible advanced patterns.

3 trades and possible targets are on the chart which are based on the bat.

The high of earlier today was almost at the completion of a bearish harmonic AB=CD pattern so we could see PA retracing down now but I do think that the downside will be limited for this pair at the current time. If we get below the B point of the possible bat we may go lower and we might be on our way to C of one of the two possible butterfly patterns (very premature). The lower red rectangle and arrow represent that scenario.

If the bat short fails I will be looking to short again at the completion of either the butterfly patterns or the crab pattern .
Cainara
a year ago
Very good my friend! Good Job
Reply
FullTimeTrader
a year ago
Nice patterns, but lets go step by step until at least the C leg is completed. Right now only the bat is the potential trade. I will keep an eye on it. Regards.
Reply
KVE PRO FullTimeTrader
a year ago
Absolutely right, the bat is the only tradable pattern for now, just keeping all options open and making sure I have a backup plan in case we go straight down from here (bearish AB=CD as good as complete).
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