Long

Updated

GBP.JPY - Bullish Bat Setup - 137.512

On the GBP.JPY Daily chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.

The price reversal zone on this pair is between 137.512 & 136.449
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 144.00
Stop loss would be placed below X leg structure support.

Target 1 - 140.316
Target 2 - 142.109

Note

Please Note:
I am already long on this position with much tighter stop loss and target.

Note

Note

5 easy steps to trade the Bat setup.

Note

We have seen a strong bounce off the D leg completion, depending on your entry, target and RR there is a potential to trail stop loss soon.

Note

Awaiting a break and close above 139.300 prior to any trailing stop loss.

Note

Price approaching resistance on the 1hr chart and overbought on the RSI.
I will now be trailing stops.

Note

Price approaching Target including trendline breakout.

Note

Consolidation period now expected into this evening.

Trade closed: target reached

Note

Note

5 min chart as the breakout occurred.

Note

March Results including the EUR.USD

Note

GBP.JPY outlook into this week.

UnknownUnicorn180388

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.

UnknownUnicorn180388