Potential BAT pattern completion in GBP/USD
Following on from my previous post in GBP/USD of trying to identify a potential BAT pattern early on in the move (around 1.57) taking a short there would have worked quite well.
Now the price is approaching the completion point around 1.52 where it could reverse and resume the up trend. I have also drawn in a speculative trendline that is equal in width to the existing channel. This often acts as resistance although the price has not bounced of this trendline before.
Target could be 1.57 around the base of the existing price channel with a close stop below the speculative trendline.
Remember markets do what they want to do, this is just an idea.
Please like this if you want more posts like this.
Now the price is approaching the completion point around 1.52 where it could reverse and resume the up trend. I have also drawn in a speculative trendline that is equal in width to the existing channel. This often acts as resistance although the price has not bounced of this trendline before.
Target could be 1.57 around the base of the existing price channel with a close stop below the speculative trendline.
Remember markets do what they want to do, this is just an idea.
Please like this if you want more posts like this.
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