USDJPY - H1 - Bearish Bat & 2618 - Double whammy?
Patterns have been good in the last few days on the USDJPY -0.10% and it looks like we might have another forming as we speak.
Aside from the advanced patterns, we have recently put in a double bottom with RSI divergence at this lower level, price has now broken and closed above the 'V' of the double bottom and looks to be taking some relief at the moment. This gives us a potential 2618 long setup should price action come right back down into that 61.8% level.
If that were to happen first (rather than price just rallying up into the Bat entry area without a pullback), then we would potentially also have an almost perfect AB=CD measured move up into the Bat entry level as well.
Which way will it go and in which order, could we see a double whammy and hit the 2618 into the bearish Bat pattern back down? Either way lots of potential action at the moment on this pair!
Aside from the advanced patterns, we have recently put in a double bottom with RSI divergence at this lower level, price has now broken and closed above the 'V' of the double bottom and looks to be taking some relief at the moment. This gives us a potential 2618 long setup should price action come right back down into that 61.8% level.
If that were to happen first (rather than price just rallying up into the Bat entry area without a pullback), then we would potentially also have an almost perfect AB=CD measured move up into the Bat entry level as well.
Which way will it go and in which order, could we see a double whammy and hit the 2618 into the bearish Bat pattern back down? Either way lots of potential action at the moment on this pair!
Trade active:
Entries triggered and filled on the 2618 long opportunity here.
Trade closed: target reached:
One down :) Rectangles are a bit off on the chart but retesting the highest close of the long setup has hit my initial targets.
Order cancelled:
Pattern entry cancelled as the Bat has now been invalidated for me. Hit targets on 1 of the two possible trades here. Double whammy was a bit optimistic lets be honest :)