*GBP/USD* Bullish Bat On The 1H
We have a nice bullish bat forming on the GBP/USD pair, Intermediate Timeframe is 1H, Major is 4H and Minor is 15M.
I expect this pattern to complete by the end of this week (01/07/2019)
The following are the things I like to see confirmed before taking a trade:
XA Retracement Is: 0.886
BC Projection is: 2.618
Alternate AB=CD is: 1.618.
Stop loss level is measured with the fib retracement tool from X to A using a set ratio 1.13.
Take profit level is measured with the fib retracement tool from A to D using a set ratios 0.382 and 0.618
If price reaches the 0.382 ratio I would move my stop loss into break even or just into a little profit to bulletproof the trade ensuring if the trade goes against me I will not take a loss and even a small profit.
If you have any questions feel free to drop it in the comments.
Happy trading and hope everyone has a great day!
Matteo :)
I expect this pattern to complete by the end of this week (01/07/2019)
The following are the things I like to see confirmed before taking a trade:
XA Retracement Is: 0.886
BC Projection is: 2.618
Alternate AB=CD is: 1.618.
Stop loss level is measured with the fib retracement tool from X to A using a set ratio 1.13.
Take profit level is measured with the fib retracement tool from A to D using a set ratios 0.382 and 0.618
If price reaches the 0.382 ratio I would move my stop loss into break even or just into a little profit to bulletproof the trade ensuring if the trade goes against me I will not take a loss and even a small profit.
If you have any questions feel free to drop it in the comments.
Happy trading and hope everyone has a great day!
Matteo :)
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.