GBP/JPY - Bullish Bat

Hello traders, today we have GBP/JPY on the 4h chart with a potential bullish bat pattern, it's currently completing the C to D leg and closing in on the PRZ.

All-round excellent opportunity with over 1:3 risk to reward.

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

This aligns with my current short position on NZD/JPY as I'll be looking to close this in profit shortly.

More analysis on the way :)

I'll be looking for additional confirmation before taking the trade!

Comment:

At this moment in time you have two options.

1. Move your stop loss to break even and secure the trade.

2. Close your position and re-enter the market with 50% of your original position size to ensure a guaranteed profit, place your new stop loss at your original entry point.

All the best everyone, more profitable positions to come.

Comment:

We are now approaching our final take profit level, 70 pips to go! Well done everyone :)

Trade closed: target reached:

500 pips on GBP/JPY in under 3 weeks, back to back with NZD/JPY.

Both bat patterns :)

Comment:

This really took off after hitting my final TP, bagged 500 pips and continued 600 more... Wow!