The perfect bat Pattern is targeted as the first stage 1.36639
notes on chart
Impulse Retracement after downward breakout from pennant atleast upto 0.618 retracement. Long positions onwards from 0.618 of impulse leg with a break from channel upwards.
LOOKING FOR REVERSAL BAR BETWEEN 161.8 AND 224 TO SHORT AUD
I wanted to join the trend long ago, but, coulnd't find any opportunity that fits into my trade plan. This one presents a different story, we got a potential great looking bat forming just at the previous structure level, also we got a AB=CD pattern completing in the same area as the 1.618 ext from C-B leg. Great looking RR if we enter just @0.886 retracement,...
Here on the USDJPY we have a cluster of technical indications that the market wants to go up a little before continuing the downward momentum that we have had recently. This is a counter trend trading opportunity so i do not anticipate a complete reversal at this zone but only a brief retracement back up into the most previous resistance level. Hope you found this...