On the GBP.JPY 4hr chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between 138.223 & 136.472 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move. There is also an opportunity to look for extended targets at 143.648 Stop loss would be placed below X leg structure support.
Target 1 - 140.729 Target 2 - 142.297
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Bullish RSI has formed on the 1hr TF. A minor consolidation period is expected prior to a push lower towards the D leg.
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A break of the 139.00 level should confirm the break and retest on the Daily TF
hey tom, iam a beginner, could i sell until D Leg, and buy on your PRZ. thx
UnknownUnicorn180388
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@william14cs, Hi,
It doesn't personally meet my rules to do so, and also please be aware that the pattern isn't a complete pattern until the D leg is hit.