GBPJPY - potential bullish bat pattern

FX:GBPJPY   British Pound/Japanese Yen
564 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
TradeYodha PRO
2 years ago
nice set up
+1 Reply
I won't take this trade bacause this bat's B doesn't hit 50.
+1 Reply
Nico.Muselle MOD Alexander_Nikitin
2 years ago
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 TOP Nico.Muselle
2 years ago
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 MOD Alexander_Nikitin
2 years ago
That's the only way to become consistently profitable ! :)
+1 Reply
2 years ago
Nico did you cover any profits since the price didnt reach TG2
+1 Reply
Nico.Muselle MOD FeelsFX
2 years ago
I took off profits at TG1 and rolled my stops to break even. So yes, limited profits :)
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out