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Henrik-SMCTrading
Jun 5, 2018 10:28 AM

AUDJPY, Weekly, potential Bat pattern Long

Australian Dollar/Japanese YenFXCM

Description

It's still a way down to the fact that we have a complete Bat pattern here but what one can draw from this conclusion is that we are in a clear downtrend where the Bat pattern's "regular" magnet down to the D point, after we got a closing under B, also helps.
In a lower (time resolution) perspective, you can use this to take trades in the right underlying direction - ie. downwards.

The pattern may be more of a use for "placement traders" but I use it as a travel direction ni my daytrades.
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