1D Chart: GBPJPY @ 200 SMA + 1H Chart: Bat @ 1H Resistance
We have the GBPJPY coming up into the level of the 200 SMA (dark blue line) on the 1D chart. We are hoping for a reversal and an entry from a signal on the 1H. On our 1H, we have a bat formation completing at a previous lower time frame level of resistance (bright pink line). In entering on the completion of this harmonic pattern, we can potentially ride down on the bearish pressure imposed by the 1D 200 SMA.
The entry would be at the bright blue line, take profits at the two bright green lines and stop loss at the bright red line.
The entry would be at the bright blue line, take profits at the two bright green lines and stop loss at the bright red line.
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