GBPJPY 60M - Potential Bat Pattern Short @ 156.08
Hi all,
Just broken down the GBPJPY 60M chart and there is a potential bat pattern short up @ 156.08. This area also has additional supporting reasons to short.
We have some structure looking left.
We have a 382 fib retracement from the whole move down on the higher time frame, as well as a 50% fib from the last outside return.
We have a 1.618 ext of the initial move up from the C leg of the Bat, a 1.272 ext of the second push from the C leg and a 1.414 fib inversion higher up.
We also have 2 ABCD patterns completing in the same area.
Stops above X
Where you shoot for targets here will depend on how you want to play this. If you're just trading the Bat then:
Target 1 @ 154.39
Target 2 @ 153.35
If you're playing it as trend continuation to the downside you could put your initial Target 1 at previous structure down @ the 152.00 area then maybe look for an extension for target 2's.
As always though, trade what's in your plan folks!
Just broken down the GBPJPY 60M chart and there is a potential bat pattern short up @ 156.08. This area also has additional supporting reasons to short.
We have some structure looking left.
We have a 382 fib retracement from the whole move down on the higher time frame, as well as a 50% fib from the last outside return.
We have a 1.618 ext of the initial move up from the C leg of the Bat, a 1.272 ext of the second push from the C leg and a 1.414 fib inversion higher up.
We also have 2 ABCD patterns completing in the same area.
Stops above X
Where you shoot for targets here will depend on how you want to play this. If you're just trading the Bat then:
Target 1 @ 154.39
Target 2 @ 153.35
If you're playing it as trend continuation to the downside you could put your initial Target 1 at previous structure down @ the 152.00 area then maybe look for an extension for target 2's.
As always though, trade what's in your plan folks!
Comment:
I also forgot to mention the even handle number as well :)