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UJ Potential Bearish Bat Breaking down DollarYen I was able to discover a possible bearish bat on the 4hr. I was able to illustrate two possible route this pair could take. Green representing my most favorable. Red illustrating a path we should wait to see play out. If price action bounces from the 112.692 field. To the C leg. I wish to go short to the D leg. If price action continues to weaken. and steadily fall to the 111.638 field. We can anticipate a reversal, back into its comfort zone. There is interesting data in the Daily Chart and Weekly chart regarding where this pair will stand. So for sure have a peak. I will continue to update this idea. May take a day or so to develop. Thanks for stopping by traders!
Short
by TiltonKy
5
Gartley formation on reversal zone on EURJPYHey traders, after waiting for a long opportunity on this pair yesterday we've now changed our bias on EURJPY 0.13% due to price action language. Learning how to read a price chart gives an edge on the market and allows you to be prepared to whatever markets can offer. In this case, being the break of structure to the downside, trend is headed lower and i want to ride it as much i can. The first reversal zone of this pair would be the former support level that now can turn into resistance. Giving this situation on the 4hour chart, i know i will search for selling patterns through the blue box in lower timeframe such as 1hr and 15m. On the 15m chart we can see a Gartley advanced formation unfolding. Seems a good opportunity to go short to me. Stops above X, target as usual, or you can shoot for extended target given the situation. If you have any suggestions or questions, fill the comment section below. Otherwise, see you in the next chart!
Short
by Roker1
Potential bull bat formation on eurgbpBat advanced formation rules of engagement: Tools : *Fibonacci retracements (38.2%, 50%, 61.8% and 88.6%) Timeframes: *The Bat Advanced formation was originally designed as a swing trading strategy. But it also works on lower timeframes. Tactics : *Seek to identify 4 market moves and 3 major Fibonacci zones. The combination of these moves forms the points (X, A, B, C, D) that fulfill the formation. Rules of engagement: Criteria 1 The Bat Advanced formation starts with a market movement/impulse leg that establishes our X and A points. Once X and A points have been identified, we then look for our first criteria. Criteria 1: The market forms the B completion point by fulfilling at least a 50% retracement of the XA leg. Note : AB move remains valid as long as there is at least a 50% retracement of XA and that it does not touch the 61.8% retracement of XA. Only candlewick is calculated here. Candle close is not important. Rules of engagement: Criteria 2 If criteria 1 has been met, then look for criteria 2. Criteria 2: The market forms the C completion point by fulfilling at least a 38.2% retracement of the AB. Note: BC-move remains valid as long as there is at least a 38.2% retracement of AB and that it does not extend past A. Only candlewick is calculated here. Candle close is not important. Rules of engagement: Criteria 3 If criteria 1 and 2 have been met, then look for criteria 3. Criteria 3: The market forms the D completion (entry point) by fulfilling a 88.6% XA. Note: D point never extends past X. Trade management: Entry, stops & targets. Entry: Limit order is placed at D completion point. Target 1: 38.2% retracement of AD leg. When attained half of the position closes & stop moves to breakeven. Target 2: 61.8% retracements of AD leg. Stop placement: Stop always goes past X. Either 113% XA extension or 1 ATR beyond X, or 78.6% of the 1st target distance above/below the entry.
Long
by Alexander_Nikitin