FIBSII
Short

Bat Pattern

FX:EURJPY   Euro / Japanese Yen
Hey all,

Here we have a Bat Pattern on EURJPY getting pretty close to completion. I've drawn in the 2 target levels I would be looking to take profits being the 38.6 and the 61.8 fib retracement levels. I'm using a 113% stop on this and it's giving a great risk reward as can be seen - which is usually the case for Bat patterns.

We have already pushed above the B leg high so I would be expecting this pattern to complete today.

Will be paying attention,
Comment: Bat pattern complete and entered the position!
Comment: Stopped out with what looks like a news event!

Comments

Quite difficult markets in the short-term. Lots of news and noise pushing things both ways

A couple of false starts I think, before the next decent trend develops.
Reply
i have my stop at 120.52 or have we been stopped out yet ?
Reply
FIBSII tonyferrino
@tonyferrino, Hey Tony. I haven't been stopped out yet no, if you look at the chart I have my stops are the top of the red box that's drawn in around the 120.58 mark. The market has pushed up close to my stops but as of yet I'm still in the trade. Hope this helps.
Reply
@FIBSII, thanks , i am still in it to.....waering some pain , but should come good today i think !
Reply
ok i am short at 120.10.......you still think its a good trade idea ?
Reply
FIBSII tonyferrino
@tonyferrino, Its a completely valid Bat pattern, I just got entered myself.
Reply
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