GBPUSD-Weekly Market Analysis-Oct22,Wk1

Last Friday, I shared this analysis in Tradingview; the comment I received is lovely yet scary. The reader felt that the Bat Pattern had completed and seemed like he had engaged in the trade. Oh nooo!!

First of all, no matter who the analyst was, never follow their trading ideas blindly. Secondly, for the Bearish Bat Pattern to be valid, the market has to touch the furthest end of the PRZ; in this example, it's at 1.1251 and touches the opposite end of the PRZ for it to be valid.

Engaged in advance of the pattern completion can risk riding on an invalid setup or put yourself at a major disadvantage when you enter too early.

Some of the obvious disadvantages is a lopsided Reward is to Risk; you risk more and earn lesser than other traders who engaged in the same trade. While others can shift their stop-loss to entry, you could only reduce your risk.

With that said, in this bearish setup, my analysis remains unchanged.