CADJPY - Bearish Bat + Fib confluence + Structure
Updated
Patterns galore it seems this weekend. Although this pattern is not at completion yet, we did already break above the B-point. We might see a retracement into that B-point level before rallying towards the completion of the pattern.
Around the completion level, we have previous structure/support (red dotted line) which could now act as resistance and we also have the 1.618 AB extension confluent to the 0.886 XA retracement.
TP1 is a nice 260 pips to the downside with a 1.35 RR ratio (stop loss is 195 pips away)
TP2 is good for 425 pips and a 2.2 RR ratio
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Around the completion level, we have previous structure/support (red dotted line) which could now act as resistance and we also have the 1.618 AB extension confluent to the 0.886 XA retracement.
TP1 is a nice 260 pips to the downside with a 1.35 RR ratio (stop loss is 195 pips away)
TP2 is good for 425 pips and a 2.2 RR ratio
Agree with this idea ? Thanks for giving me the thumbs up by clicking the like button.
Have another view, have questions, comments ? Feel free to share it below !
More ideas like this ? Click the follow button to keep updated when I publish new ideas or update already published ones.
PS : do check out my other ideas that are linked below ! :)
Note
After some hesitation, the pair is moving in the right direction to complete this pattern so keep an eye on it. You can use an alert on your chart to warn you when the pattern is almost completed so you don't miss out.
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Twitter: twitter.com/NicoMuselle
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