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Long

Bat Pattern Completion 1D

FX:GBPJPY   British Pound/Japanese Yen
282 11
There is a structure level that could stop us reaching our D point. However it seems like the market wants to make it, hopefully it will. Also, RSI is at 30% meaning it has still some strength to go down 90 pips.
If D is reached we're for a nice move up trend, target one is at 0.618 of CD move, and at previous structure. Target 2 could be at C point. Don't think it's going to make it that far but we'll see.

I have the trade case for entry and target placement in the "related ideas" section.

alphabetacharlie

Related Ideas

Thank you for your input and will be following
FXTopcat
What is your ratio on B? i get .618
TheBull
0.5
alphabetacharlie
Sorry, I get .382 taking a measure from A to X and not .618 as i mentioned before. And from point A to B i get .782 of C. And it has to surpass B and down to 1.618 of XA leg. Its to early to mention that it is a bat pattern.
TheBull
Retracement from X to A is 0.500, the bat pattern has not a AB=DC however, AB is parallel of CD.
D is at 0.886 of XA retracement. I think you are wrong in your fib measurements.
alphabetacharlie
I have not said the bat has a AB=CD, there is a AB=CD if you look closely :) And D is not even formed yet :) ANd you are right about the .5 ratio. However i think you should wait if there even going to be a D
TheBull
ok, if you draw 2 fibs, one from F to G and the other from H to I, you get confluence at D point. Also i need a RSI overbought for entry.
I see the ABCD pattern you're talking about :)
Im sorry, don't want to be rude, but I have tried to see on my chart and I don't see it. I see an AB=CD on short pattern but no crab pattern since both tops are almost equal in height leaving them on 100%
TheBull
it's a bat pattern
alphabetacharlie
Well I'm not convinced that it is a Bat pattern yet. Time will tell
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