2018May24 GBPJPY D1 Bullish Bat

May 23, 2018

GBPJPY has recently been on an uptrend and then suddenly there was a massive selloff yesterday, May 23. Point D of the bullish bat was completed when the bulls were able to hold price at 145.946. This is very close to the 88.6 Fibonacci retracement of leg XA which is 145.996. I am looking to buy close to this level once there is confirmation of the bullish bias. Stop loss is placed just below point X while take profit targets are set at the 38.2 and 61.8 Fibonacci retracement of leg AD and point A. I plan to post specific details if there is confirmation and this setup still remains valid. Tentative details are as follows:

Trade Setup: Bullish Bat
Price Entry 145.996
SL 144.936 | SL pips 106.0
TP1 148.965 | TP1 pips 296.9
TP2 150.829 | TP2 pips 483.3
TP3 153.848 | TP3 pips 785.2
RRR1 2.80 | RRR2 4.56 | RRR3 7.41

Jun 9, 2018

Note

This setup is invalidated with a candlestick closing below 88.6 of XA. (May 25)