SteveNixon
Short

Bearish BAT pattern for Short trade on USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
148 3 9
The pair has broken out of the downward trend and is most likely going further north.
Having said that it is at a good level for a retracement before going long
Comment: Stops above X
Target 1 105.50
Target 2 104.50

Good Luck
Steve
Comment: For anyone checking through my charts - this chart is the reason I changed my analysis technique from advanced harmonic patterns to wave theory. The patterns are like cycling with stabilisers (training wheels for our American cousins)
They work sometimes but if you understand wave theory you'll understand where they work and where they don't work. This knowledge will save you a lot of money lost through trading harmonic patterns.
Good to hear that Steve, that is due to the complex correctional parttern of the market.
Reply
@forex0821, I changed 4 months ago. I was checking through my charts and came across this one and it reminded me why I changed.
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Clearly advanced patterns don't work a lot of the time. This is why I have started trading Elliott Wave Principles
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