GBPUSD - 1H BAT 4H CYPHER - ADVANCED PATTERN POTENTIAL
Hi Traders, we have 2 potential advanced patterns setting up on GBPUSD
Keep these on the radar and look for entry opportunities. If your an aggressive trader then make sure to front run your orders as we know the markets can easily hit entry and roll over to targets if your not prepared.
As always Entry, Stops and targets on screen.
BAT D completion looking very close to the even handle 1.28000
These patterns will be invalid if we break below the BAT A Leg - or for the Cypher if we close beyond the 141.4% Fib Ext
I will also update these patterns if we get closer to the D Completions, as price action moves around we may also form Gartley
Enjoy and happy trading
Keep these on the radar and look for entry opportunities. If your an aggressive trader then make sure to front run your orders as we know the markets can easily hit entry and roll over to targets if your not prepared.
As always Entry, Stops and targets on screen.
BAT D completion looking very close to the even handle 1.28000
These patterns will be invalid if we break below the BAT A Leg - or for the Cypher if we close beyond the 141.4% Fib Ext
I will also update these patterns if we get closer to the D Completions, as price action moves around we may also form Gartley
Enjoy and happy trading
Comment:
Just be careful on buy orders, Potential Bull Trap - I believe we will see GBPUSD retest the lows or continue to the downside. Seems to be putting in a Bearish Flag
Comment:
Based on Daily still bearish, looking for reversal in these area's BAT is invalid as we broke the structure level with a higher high higher close. I will be paying attention on these levels 1, 2. Projection to our level 2 with some relief on the way.
Comment:
TP1 TP2 at these levels. Seem we tested the previous structure without the break and close above, no clear price reversal indication at the 78.6 entry, very low ascending channel in 15m with the retest of the close rejected. If your looking to get involved we may see another retest of the 1.29073 stops tight above the High maybe use ATR based stops then look for TP1 and TP2 at the marked levels.