FX:GBPJPY   British Pound/Japanese Yen
536 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:
snapshot

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

*DISCLAIMER:
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ChetanFX
7 months ago
Any updates on this? Looks like its bouncing up..
Reply
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