EURJPY - DAILY CYPHER BAT - WEEKEND ANALYSIS - ADVANCED PATTERN
Hi Traders, here we have a potential long opportunity. The pair is showing signs of being bearish however we looked to have what appears to be a complex pull back on both sides, first is our Bearish trend making new structure low with the outside return or pull back, normally we would see sellers coming on board for trend continuation - how ever we managed to form a complex pull back.
This complex moved formed the XA Leg for the potential Bat - also if you look further the actual A leg is an entry for a Gartley Pattern. In this pattern most traders take conventional stops being 38.2% or 61.8% - and as you can see the second targets for the Gartley would be very close to the BAT Entry 88.6%
Depending on how you analyze the markets we also look to have another potential complex pull back which again has created the AB and possibly CD Move. If trend continuation traders are getting involved we may also see buying pressure from them.
There is a lot going on in this pattern trade and will be interesting if price action falls down to this level.
As always Entries, Targets and Stops on Screen
Pattern will be invalid if we break above our A Leg or if we violate the X Leg whichever comes first.
Initial targets will be adjusted if we have a clear D Completion.
Also keep in mind this bat may not meet your rules for BAT Pattern, mine is always AB Move 50.0%
Enjoy and happy trading this coming week, remember if this is not in your portfolio, rules, trade plan then DONT TRADE IT
This complex moved formed the XA Leg for the potential Bat - also if you look further the actual A leg is an entry for a Gartley Pattern. In this pattern most traders take conventional stops being 38.2% or 61.8% - and as you can see the second targets for the Gartley would be very close to the BAT Entry 88.6%
Depending on how you analyze the markets we also look to have another potential complex pull back which again has created the AB and possibly CD Move. If trend continuation traders are getting involved we may also see buying pressure from them.
There is a lot going on in this pattern trade and will be interesting if price action falls down to this level.
As always Entries, Targets and Stops on Screen
Pattern will be invalid if we break above our A Leg or if we violate the X Leg whichever comes first.
Initial targets will be adjusted if we have a clear D Completion.
Also keep in mind this bat may not meet your rules for BAT Pattern, mine is always AB Move 50.0%
Enjoy and happy trading this coming week, remember if this is not in your portfolio, rules, trade plan then DONT TRADE IT
Comment:
If we break the X on the BAT - we have a potential Cypher Pattern
