Fxprotrader
Short

USDJPY@ Bearish Bat Patterns To Push Price Lower

FX:USDJPY   U.S. Dollar/Japanese Yen
Looking at the chart we have indetified two bearish bat patterns with their D point extremely close. Price is in a corrective structure having already formed four of five wxyxz pattern. I believe that these patterns will be the reason in order to have the completion of z wave.

I will enter with 3 position this setup. If price reaches the first target i will move stoploss to breakeven to the other two.

Like and comment if you agree,
John.
Trade active
Trade closed: stop reached
Nice one, they say this pair could rally but i doubt it. Regards.
Reply
Fxprotrader FullTimeTrader
Thank you mate. I stick to my plan and i follow it no matter what people say.. So these bat patterns in structure where a reason to short this market. Till now its working..
+1 Reply
IvanLabrie PRO Fxprotrader
Beautiful entry.
Check this out as well:
GBPJPY: Potential ending diagonal C at resistance
Reply
IvanLabrie PRO IvanLabrie
There's a pattern there, right?
Reply
RalfDiana Fxprotrader
Hi
I still cannot understand how one can plot these BAT, Gartley etc. Is there an indicator one can download or it is the trader way to look the chart because I see that they come with almost precise points of reach. I ask myself for example why the D point price 121.38 more or less and not at an earlier top price of 121.23. Thanks I will appreciate your answer?
Reply
Fxprotrader RalfDiana
These harmonic patterns form based on fibonacci ratios. There is a whole science behind them but it's not necessary to know the whole science to trade them. There are many softwares you can use to indetify them but its better to study the ratios of each pattern so you can find them your own. I hope this helps..
Reply
RalfDiana Fxprotrader
Thanks for your answer, so one needs a lot of experience or better buy a software. I wonder if You can recommend one.
Thanks
Reply
Fxprotrader RalfDiana
You better invest your money on education.. Softwares are just shortcuts. It seems chaotic in the begining but soon you will be able to indetify these patterns by your own.
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