Hello traders, here we have GBP/JPY on the 5min chart with a valid bearish bat pattern.
All-round excellent opportunity with over 1:2 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
The D point forms around a solid resistance zone, I will share more analysis as the pattern progresses.
I'll be looking for additional confirmation before taking the trade!
All-round excellent opportunity with over 1:2 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
The D point forms around a solid resistance zone, I will share more analysis as the pattern progresses.
I'll be looking for additional confirmation before taking the trade!
Order cancelled:
Price didnt reach our D point before selling off so trade is cancelled