Get started
British Pound / Japanese Yen
Long

Long GBPJPY: Alternate Bat at Trendline Support

By glennmercer
Updated
GBPJPY has completed a bullish bat at strong trendline support. This allows for a 5:1 R/R because a break and close below the trendline nullifies the trade. In addition to the pattern completion, there was a strong breakout from a 1D trendline that may potentially be retested. A missed pivot cluster may add to the bullish bias. We also have bullish RSI divergence printed, which is also oversold. Entry at current levels with SL below structure lows and target at the .382 retracement of the CD leg. The target is confluent with the missed pivot cluster.

Confluence in the PRZ:
  • Bullish alternate bat pattern complete
  • Strong daily trendline support
  • Missed pivot cluster at .382CD retracement
  • Bullish RSI divergence
  • RSI Oversold
  • Possible retest of breakout line

Note
Larger TF (Daily) Chart:
snapshot
Trade closed manually
I'm closing this trade manually at breakeven. 4H Candle closed below trendline and is now retesting:
snapshot
Alternate BatBatbreakoutconfluenceDivergenceGBPJPYglennmercergmercerfxHarmonic PatternsmissedpivotspivotPivot PointsPRZretestrsi_divergencersi_oversoldunhitpivots
glennmercer
Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.