Michael_Foster616

Michael_Foster616

Publishing this bearish bat pattern formation completion that I took yesterday. I took profits at target one (0.382 retracement.

Michael_Foster616

Thought I would post a cypher pattern that completed for me yesterday on the USD/JPY. As I just began trading, I tend to be more conservative and lean towards taking profits at target one (0.382 retracements). This cypher in particular continued on down to hit target two and target three (0.5 and 0.618 retracements). Overall success.

Michael_Foster616

The current underlying trend is bullish, and with its current rate of upward motion, even with a slight downward retracement, I am led to believe that the market will reach requirements to form the bat pattern where I look to enter the market in a short position.

Michael_Foster616

Looks like a short term trade. If the market continues it's upward trend into the 0.8668 retracement of this patterns X to A leg, then a bearish bat pattern will form where we will look to enter into the market short.

Michael_Foster616

While the market is in consolidation, there is the possibility and break downwards would fill a bullish gartley pattern where we would look to enter the market in a long position.

Michael_Foster616

If the value continues on its bullish trend, we could see the completion of a bearish bat pattern where we would look to enter in the market to short.

Michael_Foster616

There seems to be the proper Fibonacci retracement levels for a bearish bat pattern. The current underlying trend exhibits strong upward momentum, looking to potentially fill the bat pattern to enter in short.