GBPUSD Potential Bat Pattern
Hi everyone,
I thought I'd share my idea on the GBPUSD,
I am looking for a potential bat pattern that finishes at the 3505 level
What i did here was i took my Fibonacci Retracement tool from the X ( impulse leg ) to the A point and I looked for a retracement back into the 50% retracement
Once we hit the 50% retracement I took another Fibonacci retracement but this time from the A leg to the B leg,
however this time I was looking for a minimum of a 50% retracement but ideally I'm looking for a 61.8% This is what we actually did.
Now I am eyeballing this market to see if we can get a 88.6% retracement around the 1.3305 confirming the bat pattern.
IF I can find the 88.6% THEN I will short this market.
For my stops I take the Fibonacci extension tool and look for a inversion from the A leg to the X leg and take the 1.113 extension + 5 pips
Targets would go at the 38.2% and the 61.8% from the A leg to the D leg.
S/L 1.3380
Target 1 1.3396
Target 2 1.3331
I thought I'd share my idea on the GBPUSD,
I am looking for a potential bat pattern that finishes at the 3505 level
What i did here was i took my Fibonacci Retracement tool from the X ( impulse leg ) to the A point and I looked for a retracement back into the 50% retracement
Once we hit the 50% retracement I took another Fibonacci retracement but this time from the A leg to the B leg,
however this time I was looking for a minimum of a 50% retracement but ideally I'm looking for a 61.8% This is what we actually did.
Now I am eyeballing this market to see if we can get a 88.6% retracement around the 1.3305 confirming the bat pattern.
IF I can find the 88.6% THEN I will short this market.
For my stops I take the Fibonacci extension tool and look for a inversion from the A leg to the X leg and take the 1.113 extension + 5 pips
Targets would go at the 38.2% and the 61.8% from the A leg to the D leg.
S/L 1.3380
Target 1 1.3396
Target 2 1.3331
Note
We broke our B leg, Looking for a short.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.