Possible Bullish Bat Pattern on the 4hr GBP/JPY
The GBP/JPY is in an upward trend. I think that it may come back and test the previous support levels, which coincide with the 86% Fib level of the Bullish Bat pattern.
Plan: If price comes back to retest previous support
Long position at the 86% fib
Stop loss below the X
Profit targets will be at the 38% of the A-D retracement. Moving stop loss to break even. Taking the rest of the profit at the 61.8% fib.
Plan: If price comes back to retest previous support
Long position at the 86% fib
Stop loss below the X
Profit targets will be at the 38% of the A-D retracement. Moving stop loss to break even. Taking the rest of the profit at the 61.8% fib.
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