glennmercer
Long

USDJPY Bat: Buy the Rebound

FX:USDJPY   U.S. Dollar/Japanese Yen
Hey traders! USDJPY             is nearing the completion of a bat pattern . The wave pattern is predicted to complete near the base of wave-i-of-v-of-1, so a stop can be tightly placed below point X of the bat. Also, the TP can be placed at the top of wave-1 which coincides with the top of the bullish channel . This way, we maximize our R/R ratio and get out of the trade immediately if the wave count is invalidated.
Comment: Long is technically active, but I will be waiting for an impulse to buy the pullback. Here is the price action on a tighter TF:
Comment:
snapshot
Comment: Nice Rebound!
snapshot
Comment: If you have not yet entered this one and want to be long USDJPY, here is an idea for entry:
USDJPY Long: Don
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