Trade: GBPAUD Bat Pattern Psychological Number Long Trade

Snapshot:

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

---------------------------------------------------------------------------------
Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
---------------------------------------------------------------------------------
Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
---------------------------------------------------------------------------------