madi052893trading
Long

A pattern based trade setup with 2 pattern confluences

FX:USDJPY   U.S. Dollar / Japanese Yen
Hi guys a two potential bullish setup for a long/buy opportunity. We could enter right now with an aggressive buy limit order and stops just below the patterns' X point. Or Wait for Confirmation once both patterns/setups are completed. Caveat.

Trading the Bat Pattern

Bat Pattern Fibo point/leg ratios:
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 38.20% < A point AB leg
Dpt completion - 88.60% XA leg - ENTRY

SL level: above/below the pattern's X point as we could determine it as a good support or resistance zone/level.
TP level: TP 1 on 38.20% AD leg, TP 2 on 61.80% AD leg and for TCT (trend continuation expect a formation of new highs/lows so on the recent lowest/highest price swing of the market structure (pattern).

Trading the Butterfly Pattern

Butterfly Pattern Fibo point/leg ratios:
XApt - First market swing/leg
ABpt - 78.60 < 88.60% XA leg
BCpt - 38.20% < A point AB leg
Dpt completion - 127.20%* - 161.80% XA leg inversion - ENTRY

SL level: above/below the pattern's completion or 161.80% price even handle or with a good 1:1 RRR             related to TP1.
TP level: TP 1 on 38.20% AD leg (where the pattern completes), TP 2 on 61.80% AD leg and for TCT (trend continuation expect a formation of new highs/lows so on the recent lowest/highest price swing of the market structure (pattern).

Disclaimer: Caveat, trade at your own risk. Trades are subject to be at risk and money manage with different objective as yours. I will not be held responsible for any losses that occur in your account. You and you alone are responsible for deciding if you are comfortable accepting the risk involved in trading the Financial Market.
Order cancelled: Invalid setup
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