GBPUSD Potential Bat Pattern
Updated
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
Comment
We broke our B leg, Looking for a short.
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