A potential Bat Pattern forming on the hour timeframe of NZDJPY. You can see where the market retraces to the 50% zone being shorted for some time.
If you want, you could go long now and set a SL just below the C point and take it all the way up to the Fibonacci Extension level of the 1.618, which is the bottom of the rectangle here. I say that because inside of...
The C leg could complete on this previous 4-hour zone that I have marked on my chart. Not sure, but if it does then I would look for a completion of the Gartley pattern at the D leg of the 78.6 Fibonacci tool. The Fib Ext tool also shows some confluence with the 1.27 level falling directly on the Fib tool's 78.6 level.
Let's see how the market plays out here....
Looking to short GJ for about 150 pips and risking about 25 pips for the small risk big reward.
BC leg had a deep pullback closer to the 88.6% level which is why I am waiting to take this trade at the 1.618% fib ext level (top of the green box), setting a SL at 26 pips, and looking to capture a minimum of 50 pips and a maximum of 127 pips. If you want to be...
If GBPCAD completes at that 1.618% zone, then it could be a 70 pip swing to the upside. This is on the 15 min timeframe. Typically, I would be aggressive and set a pending order for the patterns completion, but I like to have a tight SL for the small risk big reward. In fact, back on Jan. 08, this pair has a strong 4HR level of support at 1.71870, so that may be...
Looking for this pattern to give some profit as it just completed a Shark Pattern with a little draw back. SL set to 1.10788 for small risk big reward! Looking to take a min of 22 pips and a max of 60 pips.
ENTRY: 1.10713
SL: 1.10788
TP1: 1.10477
TP2: 1.10334
TP3: 1.10104
Looking for this Bat to end in profit. Small risk, big reward. About a 12:1. Buying at 61.37 with a 42 pip SL. Still in an uptrend overall and the market bounced off that uptrend line last week, so it's going to continue going up IMO.
If it doesn't pullback to my pending order, then I'll have to find another position to enter. Looking to complete at that...
