CADJPY: Potential Bear Bat Pattern & AB=CD Completion

FX:CADJPY   Canadian Dollar/Japanese Yen
Not all that much on my radar when ti comes to my person trading portfolio so for analysis purposes I went ahead and looked at a few other pairs that weren't able to make the starting lineup.

Here on CADJPY             4 Hour we have a potential Bat pattern completion at 86.16's Appearing inside that Bat pattern killzone also exist some fibonacci confluence and a potential AB=CD completion.

Not a pair that I can trade but a nice looking opportunity for those who trade these types of setups.

Akil Stokes
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Hey Akil. Can I ask why you will not trade this.

Would you not trade it because of high pip risk or are you going after higher risk/reward ratio?
Or is it simply because it doesnt comply with your back testing rules?
+1 Reply
Sure postborg, it's simply not a pair that's in my trading portfolio
postborg PRO Akil_Stokes
Ok thank you.
Akil, I just found another potential bat on the daily chart but this obviously conflicts with the reversal on the 4hr chart.. wondered what your thoughts would be on this?
+1 Reply
Akil_Stokes PRO NathanGouge
I don't think it conflicts at all.If price action were to shoot straight up the smaller pattern would be stopped out well before the bigger pattern is complete
NathanGouge PRO Akil_Stokes
Would I be correct in thinking that completion of the smaller pattern and its target profit would be just a corrective movement before proceeding to complete the D leg on the daily chart? Sorry for another question, its just nice to be able to pick your brains. Thanks
+1 Reply
Akil_Stokes PRO NathanGouge
That's certainly a possibility. One thing we want to be careful with is assuming that the bigger pattern is "going" to complete. It could, it might, it might not. We won't know until it does, so you want to be careful about turning predictions into assumptions. And don't worry about asking questions, that's how you get better.
NathanGouge PRO Akil_Stokes
Thanks for your time Akil, i'm sure we will speak again soon.
+1 Reply
Akil_Stokes PRO NathanGouge
No problem, best of luck in your trading journey
exactly what I thought. Same with USDJPY, AUD and NZD. In the making. Cool man.
+1 Reply
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