GBP/JPY - Bullish Bat
Updated
Hello traders, today we have GBP/JPY on the 4h chart with a potential bullish bat pattern, it's currently completing the C to D leg and closing in on the PRZ.
All-round excellent opportunity with over 1:3 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
This aligns with my current short position on NZD/JPY as I'll be looking to close this in profit shortly.
More analysis on the way :)
I'll be looking for additional confirmation before taking the trade!
All-round excellent opportunity with over 1:3 risk to reward.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
This aligns with my current short position on NZD/JPY as I'll be looking to close this in profit shortly.
More analysis on the way :)
I'll be looking for additional confirmation before taking the trade!
Comment
At this moment in time you have two options.1. Move your stop loss to break even and secure the trade.
2. Close your position and re-enter the market with 50% of your original position size to ensure a guaranteed profit, place your new stop loss at your original entry point.
All the best everyone, more profitable positions to come.
Comment
We are now approaching our final take profit level, 70 pips to go! Well done everyone :)Trade closed: target reached
500 pips on GBP/JPY in under 3 weeks, back to back with NZD/JPY.
Both bat patterns :)
Comment
This really took off after hitting my final TP, bagged 500 pips and continued 600 more... Wow!
📈 Master the Art and Science of Trading: sixfigurecapital.com
Related publications
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.