GBP/USD - Bullish Bat
Updated
Hello traders, here we have GBP/USD on the 15m chart with a valid bullish bat pattern.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
XA Retracement: 0.886
Price has confirmed the PRZ which consisted of a 1.618 AB=CD, 2.24 BC and 0.886 XA retracement as the final ratio.
I'm paying attention to this small structure in the PRZ on the 1m chart, awaiting a break to the upside.
Due to the nature of this setup, I'm waiting for further confirmation of the reversal.
If you found this helpful leave a like! Thanks for your support.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
XA Retracement: 0.886
Price has confirmed the PRZ which consisted of a 1.618 AB=CD, 2.24 BC and 0.886 XA retracement as the final ratio.
I'm paying attention to this small structure in the PRZ on the 1m chart, awaiting a break to the upside.
Due to the nature of this setup, I'm waiting for further confirmation of the reversal.
If you found this helpful leave a like! Thanks for your support.
Note
Breakdown of the 1m structure, now expecting price to return to 1.31268 which provides a better entry but still unsure of the reversal.Awaiting for price action to unfold before buying.
Note
PRZ violated, we're seeing aggressive downside movement... Onto the next opportunity.We may still experience a reversal lower, but to me
This is a prime example as to why we don't jump the gun on positions and wait for the setup to materialise.
📈 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.