26 Oct 10 - Bearish Bat Pattern on GBP/USD - H1 Chart

After my trade on the AUD/USD was protected and having closed the 1st Batch on it, I was free to take on another trade and GBP/USD in this case provided me with another opportunity.


In the case of this pair, a bearish Bat pattern was completed with the following validating the pattern:

• A 0.50 XA retracement which points to a Bat pattern.
• A confluence of 3 harmonic ratios - 0.886 XA @ 1.58512, 1.27 AB=CD @ 1.58422 and 2.0 BC @ 1.58534.

Similar observation is seen on this pair where the price move is considered to be sluggish and thus, the mindset for managing this trade is to be delayed as test and retest of the PRZ is to be expected.

Trade Details

• Date: 26 Oct 10
• Time: GMT 14:00
• Entry Price: 1.58316
• S/L: 1.59000 (68.4 pips)
• T/P: 1.57740 (87.6 pips)

Trade Progress


The 1st Batch was closed on 27 Oct 10, GMT 07:08 at 1.57982, netting a profit of 33.4 pips.


The 2nd Batch was closed when the protective stop was triggered on 27 Oct 10, GMT 09:02, netting a profit of 10.6 pips.