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Gold Forming Potential Bullish Bat Pattern 01/13/2017At the top of what I believe is a higher time-frame correction on gold may not be an ideal place to long but if there are no warning signs in the price action at the entry point I will take this trade. Additional confluences such as oversold RSI will be an added confirmation for an entry. **I am waiting for a break of the lower yellow trendline as a confirmation to resume shorting gold so if this happens this idea will be cancelled. This is not meant to be a trading signal so please do not use it as one -- I still have very much to learn as a trader and none of my ideas are trading advice. That said I always appreciate any comments and feedback on my charts and ideas!
FX:XAUUSDLong
by SharkbaitAl
A huge cypher pattern on the dollar yenIf you like taking big trades on the hourly, this one is for you. It is an advance cypher pattern set up that normally has targets at the 38.2% and 61.8% Fibonacci retracements of the C-D leg. For this pattern you're going to have to have at least a 100 pip stop but thankfully the R:R is a little more then 1:1 which is not very normal for the cypher pattern. Just be sure to follow what ever your plan says because that's how you'll end up being profitable.
Short
by tpick74
5
Bearish Cypher Ahead of ECB Rate DecisionRight now i'm getting ready for my live trading room stream, and I came across this bearish cypher pattern here on EURJPY. This will potential complete @ 122.531. Minimum stops need to be above the X-Leg. Here on the chart I have my stops at a 1.130 fib inversion of the X to A leg. Target 1 will be at the 38.2 fib retracement and target 2 will be at the 61.8 fib retracement. If you would like to join me for the live stream, here is the link: www.youtube.com Good Luck and Good Trading!
Short
by tommyb35
Two Potential Cyphers on USDJPYAs I was looking over my charts getting ready for my live trading room stream, I found these two potential opportunities on USDJPY! Both are bearish and both can be used as an alternate entry for a trend continuation trade to the downside. The first cypher in blue, will potentially complete @ 114.854. Minimum stops need to be above X at 115.442 with the traditional target 1 at the 38.2 fib retracement "114.055" and target 2 at the 61.8 fib retracement "113.559". The second cypher in red, will potentially complete @ 115.969. Minimum stops need to be above X at 116.858 with target 1 at 114.746 and target 2 at 113.989. Now on the chart the traditional targets are Red & Green and both of them (depending on where you place your stops) have around a 1:1 Reward/Risk for target 1 and a 1.5:1 Reward/Risk for target 2. Now if you use the alternate targets (Red & Blue) your Risk/Reward is drastically improved. Target 1 is better than a 2:1 Reward/Risk and Target 2 (Using a 127.2 Fib Ext.) is almost 3.5:1 Reward/Risk. As always, follow your Plan. If you would like to join me in the live stream here is the link: www.youtube.com Good luck and Good Trading!
Short
by tommyb35
1
The Bat Pattern.Bat Patterns can be traded many ways. These are the rules I follow: 1- First I find the impulse leg which is the X to A move in the pattern. 2 - Once the impulse leg has been identified I wait for retracement of the X to A move. I draw a FIB retracement from X to A and price must touch the 50% retracement but cannot touch the 61.8% retracement. This completes the A to B move in the pattern 3 - Next I wait for a retracement of the A to B move. I draw a FIB retracement from A to B and price must touch the 50% retracement but cannot violate the price at A. This completes the B to C move in the pattern. 4 - Once the first three legs have formed I am looking for price to touch the 88.6% retracement of the impulse leg (X to A). That completes the C to D leg of the move. 5- Limit order is placed at the 88.6% retracement of the X to A move. 6 - Stop order is placed at the 1.13% extension of the A to X move. 7 - Target is placed at the 38.2% retracement of the A to D move 8 - Set it and forget it!
Short
by FXSquad
Great week of opportunities GBP/JPYGood evening traders! Hope you've had a great week so far. GBP/JPY 60 minute has provided us with two profit taking trades this week with a big Cypher pattern followed by a Bat pattern that completed this morning and with the recent move breaking above structure we could see another yet another Bat completing shortly. Normal rules apply: Target 1: 0.382 retracement of X-A Target 2: 0.618 retracement of X-A Stops at the 1.13 inversion Good luck if you're also looking at this setup.
Short
by L_Bartlett
Bearish Bat Setup "Excellent Risk/Reward"Well here on the GBPUSD we have a potential bearish bat pattern setting up. This is an excellent example of why I love bat patterns. The main reason I love them so much is the risk to reward ratio (depending on what kind of stops you use). Now I use a 1 ATR stop on my bat patterns, and this will give me better than a 1.5 Reward/Risk ratio to target 1 with a 2.5 reward/risk ratio to target 2. You couple that with a pattern that wins somewhere between 52-55% (depending on what time frame & currency pair) and you have a recipe for consistent profitability. Now this pattern will complete at 1.24746 and minimum stops need to be above the X-Leg at 1.25102. Target 1 is at the 38.2 retracement and target 2 is at the 61.8 retracement. If you trade bat patterns on the GBPUSD, then this is one to keep your eye on. Good luck and good trading!
Short
by tommyb35