Bearish Bat Pattern Opportunity @ AUDJPY
Updated
A bat just completed at AUDJPY. The already stalled above the PRZ right after the terminal bar -- which turns this pattern to a potential trade.
Wait for the price to stall and RSI to come out of the overbought area for a type 1 entry. Once RSI turns down and is >= 70, entering the market is permitted.
Be sure to enter above 88.779 to maintain a RR of at least 1:1 for profit target 1. At TP1 close half of your position and aim for TP2. At TP2 close the rest. This is a counter trend trade at a major S&R zone.
SL goes around 89.255. If price action exceeds 89.384, the pattern is invalid.
Good luck.
Wait for the price to stall and RSI to come out of the overbought area for a type 1 entry. Once RSI turns down and is >= 70, entering the market is permitted.
Be sure to enter above 88.779 to maintain a RR of at least 1:1 for profit target 1. At TP1 close half of your position and aim for TP2. At TP2 close the rest. This is a counter trend trade at a major S&R zone.
SL goes around 89.255. If price action exceeds 89.384, the pattern is invalid.
Good luck.
Trade active
Entered @ 88.847 per limit order.SL: 89.256
TP1: 88.307
TP2: 87.886
Trade closed manually
After price action broke the 45° trend line, I've manually covered my position for a smaller profit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.