Potential patterns party GBPJPY 1H
Looking at this chart, seems very interesting to me. I can see a potential bat pattern completing in the 187.38 area.
+1 If we take our next lower high and draw our fibs retracement you can clearly see it touching the .786 retracement that triggers our potentially butterfly pattern alert, it also completes in the same area as the bat pattern (I do only trade those that touches the 141.4 ext from XA)
+2 Now we can potentially be forming another new pattern, a deep crab that takes our same first X point of the butterfly, but using as B leg the price that touches our .886 retracement, so it can potentially complete making a double top of structure with a 161.8 extention from XA.
Notice that also we got two trend lines that can give the pattern more probability, first i was looking to trade the Bat, but then i notice the new patterns forming and decided to entry as a DT / Deep Crab because of the RR ratio.
Bat pattern (Blue)
Butterly pattern (Yellow)
Deep crab (Green)
Would appreciate any comments and thoughts
+1 If we take our next lower high and draw our fibs retracement you can clearly see it touching the .786 retracement that triggers our potentially butterfly pattern alert, it also completes in the same area as the bat pattern (I do only trade those that touches the 141.4 ext from XA)
+2 Now we can potentially be forming another new pattern, a deep crab that takes our same first X point of the butterfly, but using as B leg the price that touches our .886 retracement, so it can potentially complete making a double top of structure with a 161.8 extention from XA.
Notice that also we got two trend lines that can give the pattern more probability, first i was looking to trade the Bat, but then i notice the new patterns forming and decided to entry as a DT / Deep Crab because of the RR ratio.
Bat pattern (Blue)
Butterly pattern (Yellow)
Deep crab (Green)
Would appreciate any comments and thoughts
Comment:
Gap down invalidated all the patterns. Order canceled