Andy_Parrish
Short

GBPJPY 60M - Potential Bat Pattern Short @ 156.08

FX:GBPJPY   British Pound / Japanese Yen
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!
Comment: I also forgot to mention the even handle number as well :)
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