There is a BULLISH BAT on USDJPY H1 timeframe with D leg completion at 111.740.
Entry: 111.760
Stop: 111.250
Target 1: 112.880
Target 2: 113.600
This is how I trade a bat pattern.
1) Identify pattern completion point, D.
2) Place an entry order just above completion point.
3) Place stop loss around 10-15 pips below X.
4) Place profit target just below the 61.8% retracement of the AD leg.
5) If price moves up to the 38.2% retracement of the AD leg, manually close half the position and move the stop loss just above my entry to breakeven.
6) Do nothing. Either the market moves to my 2nd target or my stop.
Good luck!
Luke
Entry: 111.760
Stop: 111.250
Target 1: 112.880
Target 2: 113.600
This is how I trade a bat pattern.
1) Identify pattern completion point, D.
2) Place an entry order just above completion point.
3) Place stop loss around 10-15 pips below X.
4) Place profit target just below the 61.8% retracement of the AD leg.
5) If price moves up to the 38.2% retracement of the AD leg, manually close half the position and move the stop loss just above my entry to breakeven.
6) Do nothing. Either the market moves to my 2nd target or my stop.
Good luck!
Luke
Comment:
Trade is now invalid, price has broken above the A leg.