Here on the Euro Yen we have a bearish bat pattern on the 4H. The two oscilitators on the right are currently not looking like there is going to be any movement at the moment. were gonna be looking for some type of movement into the extreme levels. the pattern completed in a strong area of resistance on the daily. we will be looking for a good push into the resistance and then a strong rejection. Putting a limit order below the resistnce level might be the best way to pproach this pattern. Becasue i do feel it will be a strong rejection like we saw on Pound Yen where price just rocketed out of the area. This is the oppritunity for a good long Swing/ position trade as a much larger Bearish ABCD attern has completed on the Daily Chart. So, either take your profit on the 4H pattern or scale your profit on the much larger pattern on the Daily! We are looking for a 700+ pip move on the Daily pattern! Sorry for not going into more detail im a bit behind on some school work. I am currently working on some courses including teaching harmonic patterns based on the writings of Scott Carney along with a myriad of other topics. Once the courses become active I will be upgrading my membership here on TradingView to Premimum to advertise them. So, be on the look out; moreover, like I said earlier im a bit behind in school at the moment but once im eirhter caught up or finished with the semester I will complete them.
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Comment:
i was stopped out a while ago on this trade. its very apparent that the pair is consolidating at the moment. if the move goes our way it will be a strong move down. keep your eyes open.