bat pattern fails to deliver an extended short
Updated
On a fundamental basis, the US economy has shown relative strength to its developed peers. Specifically, in the comparison vs Japan, US GDP has shown a growth of 1.9% vs the last reported number for Japan of -0.3%, confirming long term trend of weakness of yen vs us dollar and the uptrend of USDJPY.
Technically we seem to be on a consolidation area, exasperated by a disappointing GDP number on Friday, although it failed to signal a trend reversal even when when a bat pattern was signaled.
Possible longs at 115.40 and new shorts at 114.704.
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Sources I've used to study technicals
Naked Trading Part 1: How to Trade Price Action Trends
youtube.com/watch?v=T-HkyhZCLOw
7 Characteristics of Consistently Profitable Traders
youtube.com/watch?v=tbY_gy8tKqo
Harmonic Trading Scanner
shamanforeignexchange.trade/harmonic-scanner.html
Harmonic Trading Volume 1 by Scott Carney
forexfactory.com/attachment.php?attachmentid=1193949&d=1368647141
Technically we seem to be on a consolidation area, exasperated by a disappointing GDP number on Friday, although it failed to signal a trend reversal even when when a bat pattern was signaled.
Possible longs at 115.40 and new shorts at 114.704.
---
Sources I've used to study technicals
Naked Trading Part 1: How to Trade Price Action Trends
youtube.com/watch?v=T-HkyhZCLOw
7 Characteristics of Consistently Profitable Traders
youtube.com/watch?v=tbY_gy8tKqo
Harmonic Trading Scanner
shamanforeignexchange.trade/harmonic-scanner.html
Harmonic Trading Volume 1 by Scott Carney
forexfactory.com/attachment.php?attachmentid=1193949&d=1368647141
Trade closed: target reached
Nailed the short scenario.
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