On the EUR.GBP 15min chart we 2 potential trade opportunity's at the D leg completion of Bearish Cypher & Bat setup.
Bearish Bat Setup ( Grey ) - D leg completion .8412 Target 1 - .8388 Target 2 - 8372
Bearish Cypher Setup ( Blue ) - D leg completion .8405 Target 1 - .8383 Target 2 - .8370
Bearish Bat Setup: Stop loss would be placed above X leg structure resistance. Bearish Cypher Setup: Stop loss would be placed above X leg structure resistance.
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Bearish Bat setup now invalid as price exceeded C leg
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Bearish Cypher setup is still valid if price reaches the D leg completion.
@madi052893trading, it's not something I would personally trade but it looks good :-)
onewhitmore
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Good morning Tom. What max Fibonacci level do you work to on the C leg of a BAT? I noticed with some traders that they keep it valid unless it falls below the A leg?
UnknownUnicorn180388
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@onewhitmore, Hi,
It will all depend on a certain traders rules on what they class as valid.
In the coming weeks i may release my rules for the bat setup.
onewhitmore
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@tomhall, Thanks. I'd be interested to see that when you release it. I've been working off a 'must not tap 0.886 of B to A. Have a good day.
UnknownUnicorn180388
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@onewhitmore, If you backtested it and that is the fib that works out more profitable then 100% stick with it.