Trade Ideas Position: GBPAUD Bat
Updated
GBPAUD has a reputation for significant movement as a currency pair, and it is not the most suitable for Harmonic Patterns.
This trade has two major disadvantage to the setup:
1. Pattern completion is overextended
2. There is a strong bullish candle on D, and the market immediately went into consolidation.
Why do I still engage the trade?
1. RSI Divergence
2. AUD has been very bearish for quite some time, a correction(bullish) may cause a pullback and all I need to see is a break and close below 1.9639 that allow me to shift stops to entry.
Conservative traders can wait for the break and close below to happen before engaging the trade.
Make your own trading decision and don't follow blindly.
This trade has two major disadvantage to the setup:
1. Pattern completion is overextended
2. There is a strong bullish candle on D, and the market immediately went into consolidation.
Why do I still engage the trade?
1. RSI Divergence
2. AUD has been very bearish for quite some time, a correction(bullish) may cause a pullback and all I need to see is a break and close below 1.9639 that allow me to shift stops to entry.
Conservative traders can wait for the break and close below to happen before engaging the trade.
Make your own trading decision and don't follow blindly.
Trade active
Celebrating #1000 trade-ideas I've contributed, I would like to share this trade idea to you.GBPAUD H4, Bearish Bat, Counter-Trend
Short NOW: 1.9721(62)
ISL: 1.9814(-93)
TP1: 1.9492(+229)2:1
TP2: 1.9369(352)3:1
Warning: This bat completion is overextended
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Note
Stops Shift to Entry 1.9714 (Risk Free Trade Attained)Note
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