USDJPY - Bearish AB=CD + Bat Pattern Short

U.S. Dollar/Japanese YenFXCM

Description

⋅ Feb 6, 2017 5:57 AM

Hey guys, the market has just opened, and here I am sharing 3 ideas I have in trading for this week.

Look at the H1 USDJPY chart.

My few observations

1. It is around the low of last week

2. Divergence in RSI

Pattern identification

1. Bearish Bat completes at 115
2. Bearish AB=CD also completes at 115

Execution

I will go short on USDJPY if it comes back up to 115.

Will target 111.60 with a stop loss at 115.70.

Comments

too888888

⋅ Feb 6, 2017 12:39 PM

Hi Terry, for AB=CD pattern, shouldn't point C ideally ~0.618 retracement of AB ? In this case, point C has retraced beyond point A. Is it still valid AB=CD ?

Antilogs

⋅ Feb 6, 2017 8:49 AM

Great potential technical setup