GBPCAD has completed a bullish bat on the 15m TF. Zooming out to 1HR we can observe a double bottom forming at the PRZ. Two longer-term trendlines provide added support at this level. The daily TL also forms a potential bottom barrier of a triangle pattern where the first bottom serves as touch four. Targets are placed at structure high and 1.272/1.618 extensions which are confluent with other important levels (see chart for details). SL is placed below recent lows for a R/R of over 18 if support holds. Wait for candle close for another bullish pinbar confirmation before entry for a more risk-averse approach.
Shorter TF Bullish Bat Complete:
Bullish Confluence:
Shorter TF Bullish Bat Complete:
Bullish Confluence:
- Bullish Bat
- Potential double bottom
- Daily TL Support
- 4HR Trendline Support
- Potential triangle forming on daily
- Bullish pinbars forming indicating buying pressure
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