GBPUSD - Bat pattern completion at 1.24
Hey guys, welcome to my weekly update once again.
This week I will talk about the pound.
Pattern identification
Bat pattern completes at 1.24.
This a bullish bat pattern where the bias is to buy low around the XA 88.6 fib retracement.
Execution Idea
This is a type 2 execution, where the PRZ is tested the 2nd time round.
With further weakness on the USD, I will not be surprised if GBPUSD goes up next week.
Based on the pattern, SL should go below the X level around 1.2370.
Profit target will be the B point of the pattern around 1.2470.
Feel free to drop me any questions!
Good luck and good trading!
This week I will talk about the pound.
Pattern identification
Bat pattern completes at 1.24.
This a bullish bat pattern where the bias is to buy low around the XA 88.6 fib retracement.
Execution Idea
This is a type 2 execution, where the PRZ is tested the 2nd time round.
With further weakness on the USD, I will not be surprised if GBPUSD goes up next week.
Based on the pattern, SL should go below the X level around 1.2370.
Profit target will be the B point of the pattern around 1.2470.
Feel free to drop me any questions!
Good luck and good trading!
Order cancelled:
What a pity to miss my entry by 2 pips on Monday morning.
This setup move exactly as I wanted.
We have a breakout of the bigger triangle, guess gbpusd will be heading much higher from here on.
This setup move exactly as I wanted.
We have a breakout of the bigger triangle, guess gbpusd will be heading much higher from here on.
