akyong
Short

GBPJPY: Bearish Bat

FX:GBPJPY   British Pound/Japanese Yen
124 12 2
A potential Bat pattern completion with an ABCD and minor structure confluence at PRZ.
Hey akyong, great trade opportunity. Thanks for sharing!!

Good luck trading!!
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akyong PRO moneymaking
welcome :)

good luck to you too!
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Hey akyong, for this pattern, the C point completion should be at the 61.8% retracement of AB leg. But the price came close to that level, but did not touch it. I just wanted to ask that, according to you, do you think this pattern is still valid?

Thanks!!
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akyong PRO moneymaking
Actually, this depends on how strict you set your patterns criteria to be. But generally, the retracement of point C can be anywhere between 38.2% to 88.6% retracement of AB.

To me, I focus more on the starting point (X) and the completion zone (PRZ). The B and C points just helps to identify which pattern is potentially forming.

Hope this helps: http://www.fxpipsology.com/advanced-patterns/

You can download my trading manual here too: https://www.dropbox.com/s/c88m5rb5dcx3ot4/FX%2520Pipsology%2520Trading%2520Manual%2520-%2520Trade%2520Plan%2520%2526%2520Strategies.pdf?dl=0
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Awesome, Thank You so much. I was trying to find good set of rules for the harmonic patterns and this is exactly what I needed. I can't thank you enough.

You are really kind!!
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akyong PRO moneymaking
No problem :) Welcome.
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One more thing, will you be shorting right at the D point completion or will you be waiting for the market to give you a little bit more conformation before entering into the trade? Thanks!!
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akyong PRO moneymaking
it depends. If there is a confluence of support and resistance, and the same direction of the overall trend, i will be setting a pending order.

otherwise, i will prefer to wait for price action for confirmation.
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Great, Thanks for the clarification!!
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Hey akyong, I just wanted to know that should we have entered this trade, where we see the red candle with the wick closer to the D point? OR are we still waiting for the market to get to the D point?

Thanks
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akyong PRO moneymaking
Personally, I would wait for price to reach and test for point D. But because prz is a potential reversal zone, it is not a single price level, so depending on your risk apetite, you can decide if you want to be more conservative or aggressive in your entry.

Hope this helps.
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I am more of a conservative trader, so I'll wait for the market to come to the D point. Thanks for your reply!!
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