GBP/JPY Bearish Crab and Alt Bat Pattern 12 hour Time Frame
After the breakout below the lower trend support line
yesterday, price may now reach down toward 142.200 /
142.600 level which is the yet to be closed gap from last
Septembre.
In order for the breakout to be true, I usually wait for a
retracement to the trend line cross over level as highlighted
by the magenta coloured line. Should price get rejected here
chances are in favour of the bearish breakout to be true.
Therefore, if price closes above 146.660 you can
target the trend line cross over level which is just above
the 78.6% Fibo retracement measured from the CD leg.
As mentioned above, a rejection from this level or a close
below it, will likely send price down towards the gap.
Trade 1 long (RvR ratio 3.01)
Entry: Close above 146.660
S/L: 145.838 (1.410 of BC)
T/P: 149.138/ 143.209
Trade 2 short (RvR ratio 5.67)
Entry: Close below 149.138
S/L: 150.400 (or as desired)
T/P 1: 144.986 (leg A of Bearish Crab Pattern)
T/P 2: 141.890 (measured move XD of Alt Bat Pattern)
As always, and particularly with the 'Dragon', scale out
your profits and adjust your S/L to suit your personal
risk management profile.
Happy trading
yesterday, price may now reach down toward 142.200 /
142.600 level which is the yet to be closed gap from last
Septembre.
In order for the breakout to be true, I usually wait for a
retracement to the trend line cross over level as highlighted
by the magenta coloured line. Should price get rejected here
chances are in favour of the bearish breakout to be true.
Therefore, if price closes above 146.660 you can
target the trend line cross over level which is just above
the 78.6% Fibo retracement measured from the CD leg.
As mentioned above, a rejection from this level or a close
below it, will likely send price down towards the gap.
Trade 1 long (RvR ratio 3.01)
Entry: Close above 146.660
S/L: 145.838 (1.410 of BC)
T/P: 149.138/ 143.209
Trade 2 short (RvR ratio 5.67)
Entry: Close below 149.138
S/L: 150.400 (or as desired)
T/P 1: 144.986 (leg A of Bearish Crab Pattern)
T/P 2: 141.890 (measured move XD of Alt Bat Pattern)
As always, and particularly with the 'Dragon', scale out
your profits and adjust your S/L to suit your personal
risk management profile.
Happy trading