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
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Please Note: I am already long on this position with much tighter stop loss and target.
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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.
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Price approaching Target including trendline breakout.
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Consolidation period now expected into this evening.