alphabetacharlie
Long

Bat Pattern Completion 1D

FX:GBPJPY   British Pound/Japanese Yen
280 11 5
Get ready for entry, you advance pattern traders out there !
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.

Good Luck traders,
alphabetacharlie

Related Ideas

FXTopcat
2 years ago
Thank you for your input and will be following
Reply
TheBull FXTopcat
2 years ago
What is your ratio on B? i get .618
Reply
alphabetacharlie TheBull
2 years ago
0.5
Reply
TheBull alphabetacharlie
2 years ago
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.
Reply
alphabetacharlie TheBull
2 years ago
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.
Reply
TheBull alphabetacharlie
2 years ago
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
Reply
alphabetacharlie TheBull
2 years ago
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 :)
Reply
TheBull
2 years ago
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%
Reply
alphabetacharlie TheBull
2 years ago
it's a bat pattern
Reply
TheBull alphabetacharlie
2 years ago
Well I'm not convinced that it is a Bat pattern yet. Time will tell
Reply
alphabetacharlie
2 years ago
Awesome trade !
Reply
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