GBPUSD 15min Bearish Bat Pattern
A potential short opportunity at the completion of a bearish bat.
For a valid bat pattern I need:
1) 0.5 retracement of the XA leg but price is not allowed to touch the 0.618 retracement
2) At least a 0.382 retracement of the AB leg but price is not allowed to go beyond point A
3) Completion of the bat pattern at the 0.886 retracement of XA leg
Short entry at the 0.886 retracement of XA leg. Stops need to go above X. TG1 is at the 0.382 retracement from point A to D. TG2 is at the 0.618 retracement from A to D.
For a valid bat pattern I need:
1) 0.5 retracement of the XA leg but price is not allowed to touch the 0.618 retracement
2) At least a 0.382 retracement of the AB leg but price is not allowed to go beyond point A
3) Completion of the bat pattern at the 0.886 retracement of XA leg
Short entry at the 0.886 retracement of XA leg. Stops need to go above X. TG1 is at the 0.382 retracement from point A to D. TG2 is at the 0.618 retracement from A to D.
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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.