GBPAUD overlapping patterns
Updated
On 60min timeframe there are bullish bat and bullish cypher. Notice that bat pattern's stoploss is inside cypher pattern's entry. I would normally take later pattern, but in this case I will trade bat because I dont trade cyphers on 60min GBPAUD timeframe.
Note
In general my option would be that the cypher is smarter to trade, because cypher's entry is almost same price as bat's stoploss and institutional traders may push the price down to bat's stoploss (sell orders) so that they could get their big buy orders in and market would make fast turn and go back to bullish. But my market philosophy is that my option does not decide what is a good trading opportunity, my rules do.
What's your point of view on this trading setup?
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