GBPUSD - Type2 Bullish Bat
Updated
A Type 2 Bullish Bat Pattern completed at 1.3420. Why is it important to know if it is a Type1 pattern or a Type2 pattern?
Well, a Type 2 pattern simply means that the Harmonic Pattern has reached Target1(at the minimum), this means that some of the traders who were on it, has already got off the ride, lesser traders in that direction means weaker movement.
You have to be able to accept that the movement might be slower than the Type1 setup and the movement may even go against you.
Of courses there are other indications that would suggest if it is a good idea to engage it and I've used those filters, all is left to do is a candle confirmation at the completion price.
If the market reverse from the current price, we could expect a Bearish Deep Gartley Pattern complete at 1.3503. This is also a Great Zone to short the market because the Price Action Traders may hop on the bandwagon and the structure trader may head in for a short at the Resistance as well.
Well, a Type 2 pattern simply means that the Harmonic Pattern has reached Target1(at the minimum), this means that some of the traders who were on it, has already got off the ride, lesser traders in that direction means weaker movement.
You have to be able to accept that the movement might be slower than the Type1 setup and the movement may even go against you.
Of courses there are other indications that would suggest if it is a good idea to engage it and I've used those filters, all is left to do is a candle confirmation at the completion price.
If the market reverse from the current price, we could expect a Bearish Deep Gartley Pattern complete at 1.3503. This is also a Great Zone to short the market because the Price Action Traders may hop on the bandwagon and the structure trader may head in for a short at the Resistance as well.
Note
it is possible that the market triggers the type2 Bullish Bat Pattern and complete the Bearish Deep Gartley Pattern too. Just saying...Share this analysis with your friends. They will be benefiting from this.
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