GBP/USD - Bullish Bat

27 Jun 2018

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.

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27 Jun 2018

Catatan

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.

27 Jun 2018

Catatan

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.