GBPUSD-Weekly Market Analysis-Aug21,Wk1
Updated
An emerging bullish bat is about to form within the buy zone(blue box) is usually a great setup for a buying opportunity I will engage. However, this setup wasn't the Grade A setup and that is because Point C is a double-top, for such a setup it poses a threat of a break and closes beyond Point D completion.
As a thinking trader, I will be waiting for a candle confirmation at Point D, before engaging the buy trade, and even better, if the market retraces back to 1.3950 before the Bat Pattern completion, I will head for the shorting opportunity.
As a thinking trader, I will be waiting for a candle confirmation at Point D, before engaging the buy trade, and even better, if the market retraces back to 1.3950 before the Bat Pattern completion, I will head for the shorting opportunity.
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