GBPCAD seems to be warming up into bearish BAT.
Note that this is on the weekly, and we're still looking out for the D formation on the BAT rules - see
This means we're waiting to see if price goes up and form point D, then head back down for out pips.
So will the blue BAT happen?
The yellow fib shows what's formed now but to be a BAT it needs to be the blue fib.
rXA = retracement of XA, eAB = extension of AB
Point B (yellow fib) - rXA < 50% price must not close above 0.5 level and candle wick does not touch 68.8
Point C (green fib) - 68.8% < rAB < 88.6% i.e. price retraces and closes between 68.8 and 88.6 levels
Point D (plum fib) - eAB must cross 161.8%
The above is the gray BAT drawn below.
If the gray BAT happens (that is price moves up to the pink fib and turns downwards), this move potentially
has a cool 1291 pips at target 1 and 2087 pips to target 2
Sell at 1.90890, Take Profit 1 at 0.382, TP2 at 0.618 level
Happy Trading!
t @bizl
Note that this is on the weekly, and we're still looking out for the D formation on the BAT rules - see
This means we're waiting to see if price goes up and form point D, then head back down for out pips.
So will the blue BAT happen?
The yellow fib shows what's formed now but to be a BAT it needs to be the blue fib.
rXA = retracement of XA, eAB = extension of AB
Point B (yellow fib) - rXA < 50% price must not close above 0.5 level and candle wick does not touch 68.8
Point C (green fib) - 68.8% < rAB < 88.6% i.e. price retraces and closes between 68.8 and 88.6 levels
Point D (plum fib) - eAB must cross 161.8%
The above is the gray BAT drawn below.
If the gray BAT happens (that is price moves up to the pink fib and turns downwards), this move potentially
has a cool 1291 pips at target 1 and 2087 pips to target 2
Sell at 1.90890, Take Profit 1 at 0.382, TP2 at 0.618 level
Happy Trading!
t @bizl
Note that this is on the weekly, and we're still looking out for the D formation on the BAT rules - see the link
This means we're waiting to see if price goes up and form point D, then head back down for out pips.
So will the blue BAT happen?
The yellow harmonic shows what's formed now but to be a BAT it needs to be the blue harmonic.
Definitions: rXA = retracement of XA, eAB = extension of AB
Point B (yellow fib) - rXA < 50% price must not close above 0.5 level and candle wick does not touch 68.8
Point C (green fib) - 68.8% < rAB < 88.6% i.e. price retraces and closes between 68.8 and 88.6 levels
Point D (dark pink fib) - eAB must cross 161.8%
The above is the gray BAT drawn below.
If the gray BAT happens (that is price moves up to the dark pink fib and turns downwards), this move potentially
has a cool 1291 pips at target 1 and 2087 pips to target 2
Sell at 1.90890, Take Profit 1 at 0.382, TP2 at 0.618 level
Happy Trading!
t @bizlus