GBPAUD Bat Pattern Psychological Number Long Trade

Trade: GBPAUD Bat Pattern Psychological Number Long Trade

Snapshot:

GBPAUD Fibonacci Cluster Bat Pattern Psychological Number Long Trade
GBPAUD Fibonacci Cluster Bat Pattern Psychological Number Long Trade

Reasons For Trade:

  1. Bat Pattern
  2. Psychological Number 2.0800
  3. This zone has been a strong demand zone in past

Stop Placement:

  1. Below Bat pattern’s X point

Targets:

  1. 38.2 Fib Retracement back up
  2. 61.8 Fib Retracement back up

Trade Execution:

  1. Wait for confirmation because the stop loss level is too wide and there have been few spikes in the zone previously.

Concerns:

  1. Price may touch 78.6 fib level of previous impulse leg XA and go back up as there is also fib confluence and ABCD pattern completion

Planned News/Events Expected:

TueOct 27  5:30am GBP Prelim GDP q/q
8:30pm AUD CPI q/q
AUD Trimmed Mean CPI q/q
WedOct 28 8:30pm AUD Import Prices q/q
ThuOct 29 5:30am GBP Net Lending to Individuals m/m
8:30pm AUD PPI q/q

Post Execution Review:

Pending

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