FX:GBPJPY   British Pound / Japanese Yen
537 1 10
There are those that just gotta come out and say stupid things like "pattern trading is a bunch of mumbo-jumbo". To these kind of people, I say just look at the results! If you're trading against the patterns, then you must be losing!

Way before the BOJ statement release, which by the way was a COMPLETE surprise to all you fundamental guys since most all were expecting more easing and a further interest rate cut which would've caused the opposite reaction to what we got, the PATTERNS and the chart were already saying otherwise. Proof?

Well, first that completed Bat near the lows I spotted led to over +1000 pips move up. Then the Completed Bat I posted about 3 days ago led to this post-BOJ drop. What other proof you need? This happens over and over again.

I posted this chart here 3 days ago:

And look what happened! Did I and some other good pattern traders here who also predicted this drop know what the BOJ was going to do 3 DAYS AGO? OF COURSE NOT! We were all just trading what the patterns and the chart was telling us to do.

Well, anyway. I'm not here to give some useless, unhelpful crap. So let's get to it. What now after that drop? As nice as it was, it is nothing in the bigger scheme of things. GBPJPY             is now solidly in a bigger correction. No longer in a trend. Overall down trend remains intact. But for now, in a corrective phase.

To see what I am talking about, I have a FULL analysis on this pair short and long term available on my website (subscription required). Go here to subscribe to get it: http://goo.gl/qRNGsF

So what I see happening is what you see on the main chart above. Still further down to go most likely and then up again. The TP1 of the Bat was easily reached. I suspect the TP2 will also be reached. After that, should see a reversal and back up again we go.

A FULL analysis is available on my website (subscription required). Go here to subscribe: http://goo.gl/qRNGsF

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Any updates on this? Looks like its bouncing up..
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