Potential "Perfect" Bat Harmonic Pattern:
- Projected to complete slightly above support
- When I use the term "Perfect", I'm referring to the following conditions:
- B Point @ Initial 0.5 XA Retracement
- 2.0 BC Extension as part of Tight PRZ Confluence
- 1.27 AB=CD Completing as part of Tight PRZ Confluence
Market Structure:
- Support defined...
- Potential Bullish Bat harmonic pattern to complete at support
- Support defined by a price action range that began in early August
- Past Support established on 8/5, then held on 8/6 and 8/18.
- 4H Candles
- Long opportunity: reward to risk of roughly 1.14 to 1.0
(including spread on entry, take profit, and stop loss).
- Potential Reversal Zone (PRZ):
...
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...
![USDJPY: 4H Bat Pattern @ Support [Ranging]](https://s3.tradingview.com/m/MTk3Wttt_mid.png "4H Bat Pattern @ Support [Ranging]")
