Description
⋅ Greetings fellow traders, today we are analyzing the CAD/JPY 4hr chart, looking at a potential Bullish Bat Pattern.
The pattern is in the process of completing the C to D leg. There is a possible 1:2.5 risk to reward, with a max of 1:5.
Since August, this pair has had a bullish trend, this would help support our position.
The measurements for a bat pattern are detailed below:
B: 0.382 - 0.500
C: 0.386 - 0.886
D: 1.618 - 2.618
X to D: 0.886
Will be looking to enter this trade with some more confirmations after the pattern is completed.
Please share your thoughts!