Bat Pattern, Eur/JPY, 15min Short

Euro Fx/Japanese YenFXCM

Description

⋅ May 27, 2015 11:17 PM

Here we see a plain old bearish bat pattern on the euro yen charts.

It is likely that the market will quickly rally down to the 1.618 extension of the BC leg, i have it forecast at 1.5 hours.

I placed my stop at the point X
My entry at point B
And my limit at the 1.618 extension of the BC leg

Thanks for checking in, come back and see if it completes.

As always like comment and follow, Good trading, we will see you next time :)

Comments

Kylan_Laymance

⋅ May 27, 2015 11:28 PM

@ddp922 yeah i was expecting it to make it down to the 131.260 area , before i saw a rally back up this high

ishstar

⋅ May 27, 2015 11:31 PM

I have an order at 134.98. I'm pretty sure it can be hit again before a drop

Kylan_Laymance

⋅ May 27, 2015 11:33 PM

i defiantly agree , i dont see enough consolidation to suggest a major reversal, atleast from the 15 min chart

ishstar

⋅ May 27, 2015 11:24 PM

I've been expecting another drop since we hit 135. Managed to short at 134.99 a few hours ago so hopefully his pans out and hopefully it comes back up so I can load up on a bit more

Kylan_Laymance

⋅ May 27, 2015 11:30 PM

i think its about ready to drop back down again , my daily chart , i kinda show an elliot wave idea going on , and it is in the corrective series, so it should make it down to the 132.900 area at least