Oztrade
Long

EURJPY - 4H POTENTIAL BULLISH BAT - ADVANCED PATTERN 2 LEVELS

FX:EURJPY   Euro Fx/Japanese Yen
88 0 4
Hi Traders, I wanted to share this Bullish Bat Pattern setting up here, I am a bit early on this but hopefully it will give traders the opportunity to share and enough time to place the trade. If this meets their rules, obviously we are not signal service and only to share our idea's.

I would hate for you to take a trade of mine and it loses, as we know we cant win them all. And then start to get messages from traders that they lost the trade because of my analysis.

What I can tell you though is that if I placed every analysis and trade that I take in my trading platform in trading view then you would be a very profitable trader.

Also take note that we have another lower entry level depending on your rules if you choose the lowest Structure point as the initial X to A impulse.

We see many times where this is the conservative way because most times these levels are more respected, but in saying this we also know that how are structure points created it is because of a buy and sell at certain levels, this being if we have millions of traders seeing this Bat Pattern or Trading Structure, Fib's, Harmonic AB=CD , Trend Lines and so on and placing orders all around this position, it will drive the market, hence we have a new structure level. The previous Structure points are a psychological help where we can see on the chart the level of structure provides us with an idea that it was created because many traders either brought or sold that currency.

We then analyze why it was such an important level, and keep adding to our case and reasons for entry.

So this is why they do help us determine where price is most likely to find some sort of resistance or support, we also know that new structure points are from levels where traders start to buy and sell.

In this BAT Pattern if you choose to use the lower structure point it will still be a valid BAT pattern and it puts entry very close the the Current X leg on the Pattern I posted. You may choose to be more conservative and enter at the lower 88.6% but keep in mind you may miss the trade.

See on Chart - Orange Arrow would be your Impulse X to A move - and you can see on chart the 88.6% for this Impulse - which would be the Entry level for the Lower BAT

If you choose the lower one - send me a message and I can draw the pattern in and post it for you.

As always on screen Stops Entry and Targets

Green for Entry - just above 88.6%

Stops Minimum Level below X and Keeping in Mind it is close to the even handle number so we would want to protect ourselves to 132.983's - You can see on chart I have chosen to go below the standard 1.113% Fib

Targets 1 and 2 - Standard 38.2% and 61.8% - and we want to go just below to make sure we get filled on our targets. Also when D has completed we need to keep bringing our targets down when we have full confirmation price has stretched to its limit or NSL (New Structure Low) and we see the reversal.

Good Luck and happy trading - just thought I would post this early even know we are not past B Leg
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