Well here on the GBPUSD we have a potential bearish bat pattern setting up. This is an excellent example of why I love bat patterns. The main reason I love them so much is the risk to reward ratio (depending on what kind of stops you use). Now I use a 1 ATR stop on my bat patterns, and this will give me better than a 1.5 Reward/Risk ratio to target 1 with a 2.5 reward/risk ratio to target 2. You couple that with a pattern that wins somewhere between 52-55% (depending on what time frame & currency pair) and you have a recipe for consistent profitability.
Now this pattern will complete at 1.24746 and minimum stops need to be above the X-Leg at 1.25102. Target 1 is at the 38.2 retracement and target 2 is at the 61.8 retracement. If you trade bat patterns on the GBPUSD, then this is one to keep your eye on.
Good luck and good trading!
Now this pattern will complete at 1.24746 and minimum stops need to be above the X-Leg at 1.25102. Target 1 is at the 38.2 retracement and target 2 is at the 61.8 retracement. If you trade bat patterns on the GBPUSD, then this is one to keep your eye on.
Good luck and good trading!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.