GBPJPY - potential bullish bat pattern

FX:GBPJPY   British Pound / Japanese Yen
565 7 15
A further move down of this pair could bring us to the completion of a bulish bat pattern . As always, bat patterns have a pretty good RR ratio, target 1 being approx 1.5 and target 2 approx. 2.5 times the pips we risk.

As this is a setup on the 240 chart, I use a 1ATR stop loss under X.

* UPDATE : This pattern has now completed
New !!!! Crypto High Tops available now on
Do also check our brand-spanking-new Crypto Sports Edition
Check our live crypto trading channel on Twitch :
Nico did you cover any profits since the price didnt reach TG2
+1 Reply
I took off profits at TG1 and rolled my stops to break even. So yes, limited profits :)
I won't take this trade bacause this bat's B doesn't hit 50.
+1 Reply
Nico.Muselle Alexander_Nikitin
Excellent, every trader must trade by his own trading plan and RoE. I was taught as well to trade only bats that reach the 50% retracement however I have found that by doing so I missed out on quite some good and profitable trading opportunities. As you mentioned before, of course it needs to be back- or forward tested before you change your rules which is exactly what I did. Any way, as Akil would say, plan your trade, trade your plan ! (and may the pips be with you) :)
+1 Reply
Alexander_Nikitin Nico.Muselle
I agree absolutely. If you do back and forward testings, you may consist your own trading plan and ROE. As I would say: know your edge and act accordingly :)
+1 Reply
Nico.Muselle Alexander_Nikitin
That's the only way to become consistently profitable ! :)
+1 Reply
nice set up
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out