EverythingForex
Long

UPDATE #2: TRADE: USDJPY:2 LONG-TERM Patterns So Far.+820 pips

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
475 10 11
BOY! Was I wrong!!!! I said that it may take a few weeks to complete these patterns! How about a few days instead? I'm not complaining for sure! Bagged another +820 pips on this trade! Closed out my SHORT positions on the completion of the bat pattern and now collecting more pips on the bat! I hope at least SOME of you have followed me and also banked good pips!

Also, this recent price action has confirmed what I said was a MAJOR TREND CHANGE. Expect that this pair will continue to drop in the days, weeks and even months to come!

MY TRADE PLAN
Yes, I'm now net LONG because I am playing the bat and retracement. BUT...I am STILL VERY BEARISH on this pair and believe it's still got more downside to go! So I'm looking for TP1 and then will close out the LONG positions and look to get SHORT again. But, I will actively monitor the price action and be ready to close the LONGS immediately should I see bearish PA before TP1 is reached.
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good day got out early but cant complain ? thanks
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great!
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the D point target has been accomplished in such short-period. When we use the bearish bat pattern, do we need to consider the moment in time?
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No, Patterns are not time-based. What you should consider is what the price action is telling you about this pair. Such a strong movement tells you that you need to be very cautious and attentive about any countertrend trade regardless of the reason whether it's a pattern completion or some other reason you would take a counter trend trade. As far as the pattern completion goes, if you are trading the pattern, then you take the trade. Good luck!
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valiang EverythingForex
thank you very much for the clarification.
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Indeed mate, I've closed some of my short positions but made a handsome sum today on this pair and GBPNZD. I am now rethinking if this is pair is going to continue short or going to make another USD high so have gone long just in case. Great day of trading!
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Go buy yourself a beer, bro!
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Hope everyone got a piece of this!
+1 Reply
Super!
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Grats!!!!
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