GBP/USD - Bullish Bat
GBP/USD is currently forming a bullish bat pattern on the 4h chart, providing a trading opportunity with a 1:2.24 risk to reward.
The measurements for a valid bat pattern are detailed below.
XA Retracement: 0.382 - 0.50
AB Retracement: 0.382 - 0.886
BC Projection: 1.618 - 2.618
XA Retracement: 0.886
All 3 measurements form within a close proximity in the potential reversal zone, as you can see the last number in the zone being a 1.618 alternate AB=CD.
Once price pushes lower and confirms the 0.886 measurement we can begin looking at the 1h for an entry.
Have a good week everyone!
The measurements for a valid bat pattern are detailed below.
XA Retracement: 0.382 - 0.50
AB Retracement: 0.382 - 0.886
BC Projection: 1.618 - 2.618
XA Retracement: 0.886
All 3 measurements form within a close proximity in the potential reversal zone, as you can see the last number in the zone being a 1.618 alternate AB=CD.
Once price pushes lower and confirms the 0.886 measurement we can begin looking at the 1h for an entry.
Have a good week everyone!
📈 Master the Art and Science of Trading: sixfigurecapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Master the Art and Science of Trading: sixfigurecapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.