Krunal.Patel
Short

EURJPY 15 Bearish BAT PATTERN @ 122.80

FX:EURJPY   Euro Fx/Japanese Yen
Hi guys,

I thought I would share a pattern I am most fond of, the BAT pattern . I admire this setup because it mainly follows the overall trend and takes into account major support and resistance levels. As a strong believer in economics and harmonics, I believe this pattern gives 2 things which most traders strive for: 1) Good risk-to-reward and 2) Good win percentage %.

Back to the trade idea, it is a bearish BAT pattern @ 122.80 in which i would have a sell limit in place and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.

Thank you for your support.

Trade Numbers:

Risk: 35 pips x 2 = 70 pips
Reward #1: 43 pips. R:R = 1:1.2
Reward #2: 70 pips. R:R = 1:2

Plan your trade... Trade your plan.
Trade active: @ 122.80
Comment: Target 1 Hit +43 pips. Move Stop Loss to Break-Even.
Comment: Target 2 Hit Break-Even. Total profit on trade = +43 pips
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