USDJPY. Potential Bat pattern may drive a pair to new lows
Potential Bat pattern:
1. A-B retracement hit 50% retracement level of X-A
2. B-C retracement approaches 61.8% of A-B.
If price hits 61.8%, then it should retrace to 88.6% of X-A, which is matching 161% extension of A-B
Pattern is invalidated if:
a. Price doesn´t hit 115.525
b. Price closes monthly candle above 122.781
Additionally:
a. MACD shows divergence almost completed
b. Price almost reached an important resistance area near 116
c. Price stays within a pitfork´s limits
Short Entry: 115.53
SL: 126
TP: 81.3
1. A-B retracement hit 50% retracement level of X-A
2. B-C retracement approaches 61.8% of A-B.
If price hits 61.8%, then it should retrace to 88.6% of X-A, which is matching 161% extension of A-B
Pattern is invalidated if:
a. Price doesn´t hit 115.525
b. Price closes monthly candle above 122.781
Additionally:
a. MACD shows divergence almost completed
b. Price almost reached an important resistance area near 116
c. Price stays within a pitfork´s limits
Short Entry: 115.53
SL: 126
TP: 81.3
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!