Bearish bat pattern 4H with the longer term downtrend
** Update: first target obtained for a total of 97 pips. The stoploss of the remainder position is set to breakeven.
The goal with this trade is to grab some pips fast with two (relative) small targets. The market did react at the beginning of the monthly structure zone of 0.7091 - 0.6335, giving the pair a little relief.
However, the overall trend is very bearish and I expect a new wave of selling pressure between 0.7233 and 0.7302. Also, a bearish bat pattern completes within that zone at 0.7267. I will use this bat pattern as an entry technique to short the EURGBP.
My stops are 1.113 extension of A to X and my targets are aligned with 0.382 (T1) and the 0.618 (T2) of the fib retracement of A to D. I also take a third position short for an extended target in the monthly structure zone at 0.6906
The goal with this trade is to grab some pips fast with two (relative) small targets. The market did react at the beginning of the monthly structure zone of 0.7091 - 0.6335, giving the pair a little relief.
However, the overall trend is very bearish and I expect a new wave of selling pressure between 0.7233 and 0.7302. Also, a bearish bat pattern completes within that zone at 0.7267. I will use this bat pattern as an entry technique to short the EURGBP.
My stops are 1.113 extension of A to X and my targets are aligned with 0.382 (T1) and the 0.618 (T2) of the fib retracement of A to D. I also take a third position short for an extended target in the monthly structure zone at 0.6906
