AUDJPY: 2618 & Potential Advanced Pattern Formation

FX:AUDJPY   Australian Dollar / Japanese Yen
As the market looks to retest the previous double bottom , we have a potential 2618 trade setting up starting at the 61.8 Fibonacci retracement level. IF price action rallies higher we may also have and Advanced             Bat Formation setting up as well.

Data is often different from broker to broker in the Forex market so please check YOUR price chart for this pair. My data has the "B" leg falling just shy of the 61.8 retracement which is why I qualify it as a potential Bat Formation & not a Gartley Formation.

Also if you haven't done so make sure you check out my latest article for FX Trader magazine titled "Trade Like A Business: two Steps to help increase your trading productivity" starting on page 79.

Have a great day...or night depending on where you're located!

Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com -The Premier             Online Trading Education Company

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my opinion
+1 Reply
Thanks for sharing your opinion
Nice chart Akil. I agree with the overall directions but have different targets being:
C leg - 75.000
D leg - 76.660

Looking forward to this playing out

+1 Reply
DanLaffas Akil_Stokes
Akil, would you count this as a valid Gartley on the M15?

+1 Reply
Hey Dan, no I would not
Now we might also get a bullish Bat, if we see a retest of the lows, which could go nicely alongside the 2618 trade.
+1 Reply
Akil_Stokes SvyatoslavH
Good analysis, that would be a great combination
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