Akil_Stokes
Long

nzdjpy: Potential Advanced Bat Formation & AB=CD

FX:NZDJPY   New Zealand Dollar/Japanese Yen
As always I like to spend sometime fine tuning my chart reading skills by performing analysis on pairs outside of my trading portfolio.

Here on the NZDJPY             we have a potential bullish bat formation along with a potential abcd pattern lining up at previous structure support .

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beautiful set-up and great analysis! on my chart there is just a minor structure level near the price entry (below luckily) due to a few weekly lows having tested that level. i set up my order in the middle of last week for that one. looks like it could get filled today. also looking good since RSI is already oversold on daily and 4H. so nothing to cry about if this one ends up as a loss!
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Best of luck to you PHL.
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This pair is neither in my portfolio. Of course I will not be taking it for many reasons, but it is good to see Akil how you read and analyze the chart looking for entry opportunities. Good luck for those who are in this trade.
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Thanks Makolico, wishing you the best for this upcoming week
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There isn´t yet any confirmation that the pair will bounce back. However, we all are entitled to have our own opinions. This position is a bit risky one, anything is possible in Forex.
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I agree 100%, th emarkets will do what the markets want to do whenever the markets want to do it. All we can do is make sure that our strategy has an edge and that we continue to consistently exploit that edge in the market
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any new ideas about that pair right now?
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@mlbo, There's a potential bearish butterfly pattern setting up
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