GBP.JPY - Bullish Bat Setup - 137.512
On the GBP.JPY Daily chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between 137.512 & 136.449
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 144.00
Stop loss would be placed below X leg structure support.
Target 1 - 140.316
Target 2 - 142.109
The price reversal zone on this pair is between 137.512 & 136.449
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 144.00
Stop loss would be placed below X leg structure support.
Target 1 - 140.316
Target 2 - 142.109
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5 easy steps to trade the Bat setup.
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We have seen a strong bounce off the D leg completion, depending on your entry, target and RR there is a potential to trail stop loss soon.
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Awaiting a break and close above 139.300 prior to any trailing stop loss.
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Price approaching resistance on the 1hr chart and overbought on the RSI.
I will now be trailing stops.
I will now be trailing stops.
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Price approaching Target including trendline breakout.
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Consolidation period now expected into this evening.
Trade closed: target reached
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5 min chart as the breakout occurred.
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March Results including the EUR.USD
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GBP.JPY outlook into this week.
I am already long on this position with much tighter stop loss and target.