On the GBP/JPY 15min chart we have a potential long opportunity's at the D leg completion of a Bat Pattern and a ABCD move
ABCD completion - 169.834 Bat Pattern D leg completion - 169.637 Fibonacci Clusters - 169.685 (1.414%) - 169.665 (1.618%) - 169.642 (0.886%)
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for Bat pattern is placed at the .382% and .618% retracement of the C to D move. Stop loss would be placed below X leg structure support
Looks like it's ready to go! That test was pretty close to stop.
UnknownUnicorn180388
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This previous closing candle was not ideal, but we will have to wait and see.
asiansupermarket
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awesome trade like usual tom!
UnknownUnicorn180388
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Thanks very much, onto the next one :-)
CapMoore
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Nice. It looks like the targets are drawn from B-D rather than C-D. I think we might see a Butterfly instead because
X here is a perfect touch of Yearly S1 (pivots are the most widely used indicator and should be part of any analyse imo)
but the D level of the Butterfly on Daily timeframe stands just below, as do a ABCD pattern. We might see a w & R of the
lows to complete the Daily Butterfly. Either way, it is a setup you have which looks fine. Caution though because of the
uncompleted daily Butterfly.
CapMoore
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I took profits by the Yearly S1 instead of the D-level of the Daily Butterfly. But didn't switch to longs because of the unfinished
Butterfly buy.
UnknownUnicorn180388
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I don't personally trade the butterfly so it is not something that is incorporate into the analysis.
We also have Kuroda & Carney's speeches today which is something also to take into consideration.