Potential Trend BatHey all,
Potential Bat pattern here with the underlying trend. Gives us a good Risk Reward based on a 113% X-A stop loss. Targets are a 38.2 and a 61.8 retracement of A-D - Cannot complain with 1:2.5 to target 2.
Pattern still needs to push a little lower until it can be considered valid though so will be paying attention to it later today and if not the start of next week. I'll update the post here.
Fibsii
Risk-reward
OPXA Tight Coil and Potential BreakoutGreat coil over past 3 months. More recently the trend of higher lows has tightened. Today, on higher relative volume , it closed higher than it has in a month, and outside of coil I've drawn which shows downward trend of closes. Risk to below the new tighter trendline (.99), reward to 1.25/30 minimum based on width of recent tighter coil. In my opinion, based on how tight this coil has gotten over the last 3 months, big volume could send this to test spot before the gap at 1.49
USDJPY BatHey all,
Here is a bullish Bat pattern at market. I have labelled the legs that stand out to me and also drawn in the C-D Fibonacci retracement to show where targets are taken. Trading 2 positions and aiming for 2 different target levels.
Stop loss above X at a 113% Fibonacci retracement of X-A. With underlying trend so could aim for a third target at a retest of structure, however this depends on your comfort combining pattern trading with a trend continuation mindset.
Fibsii Team