Here we have a really good trade setup on USDJPY, which includes a bearish bat pattern and a 3 drive pattern (blue in color), right at potential reversal zone (PRZ) which consists of several Fibonacci retracements and extensions. 115.18 level (X point of bat pattern) is a strong resistance level which has been tested several times (marked by red arrows). But we would need to place our stop loss above the previous structure low high. Targets and stops are labelled on the chart above.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
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UPDATE #1: Neither of the patterns have been completed yet, waiting patiently. No need to pull early trigger and mess up your risk to reward. Best thing to do is NOTHING :)
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UPDATE #2: Bearish Bat Pattern short entry triggered. All the BEST :)
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UPDATE #1: 1st target reached. Stops move to break even :)
Trade closed: target reached
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UPDATE #2: Hey everyone, 2nd target has been reached. All positions are now closed for this setup :)
Hey mate, hehe Yeah. Really a pain free trade. Just a simple trend following trade setup, similar to the audnzd long setup. Were you able to get any pips out of this setup?