Akil_Stokes
Short

GBPJPY: Potential Bearish Advanced Bat Formation

FX:GBPJPY   British Pound/Japanese Yen
While the EURJPY             has about 4 Gartley formations on the horizon, the GBPJPY             is nice and simple with a single advanced bat formation set for completion at the 161.70's level.

Make sure this trade meets your risk profile as the stop may be larger than it seems because of the pairs ATR.

Also here's a link to the periscope video that I did this afternoon for the FOMC minutes were releases discussing trading and news events. it will expire on Thursday at 1pm (NY) and I won't be uploading it to youtube .

https://www.periscope.tv/akilstokesrtm

Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com -The Premier Online Trading Education Company


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So this looks like its going down as you said but, it doesn't look like it hit the "D" target. Did you enter into this trade even though it didn't reach the target?
+1 Reply
No i did not
Reply
Hi Akil.

If X breaks, the pattern is invalid right. Now what if price gets back into the X-A zone where we (before it broke X) were looking for shorts.
Would u still jump in the trade? Or do u consider the break above X as a sign that the pattern is more likely to fail and stay out?
+1 Reply
I break of "X" would invalidate the pattern for me. I could however still look for opportunities for a structure trade as long as we don't get a close above
Reply
Hey Akil,

Great find, but I have a question. Your C-leg only reaches 0.581 retracement. Is that within your rules, or is it due to a difference in charting price action? If it's the former, can I ask what your minimum retracement requirement is for the C leg?

Thanks man, happy trading!
+1 Reply
Akil_Stokes PRO PetriKleynhans
I require a 38.2
Reply
PetriKleynhans Akil_Stokes
Wow, I'll have to backtest that then! Thanks.
+1 Reply
Akil_Stokes PRO PetriKleynhans
You're welcome
Reply
Akil, would you possibly wait for a close in the kill zone or would a simple candle stick in the zone be qualitative for a trade?
+1 Reply
Akil_Stokes PRO No95TradingCo
For advanced pattern formations I personally have always used an aggressive entry. I see nothing wrong with waiting for confirmation as long as you're aware of the pros and cons of doing so
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