Potential Bat Pattern
A potential Bat Pattern forming on the hour timeframe of NZDJPY. You can see where the market retraces to the 50% zone being shorted for some time.
If you want, you could go long now and set a SL just below the C point and take it all the way up to the Fibonacci Extension level of the 1.618, which is the bottom of the rectangle here. I say that because inside of the Bat pattern is a nice AB=CD pattern that played out, offering confluence to my original analysis. I would expect some resistance at the 85.500 level as well because another Bat Pattern is forming inside of the bigger pattern.
What I usually do is wait for a candle to close past the B point before going long. It's a level of resistance now, but if there's a strong candle that can close past that B point, then I would see it being a strong support for completing the Bat Pattern to short in the long run.
Let see how this plays out!
This is just my best summation of what I think is going to happen. I'm not a financial consultant. This is not financial advise and I do not take any responsibility for any money loss. Do not trade with money that can't afford to lose. I'm still a student to trading and am posting this for history and tracking of my growth.
Entry Price: 86.400
SL: 86.600
TP1: 85.850
TP2: 85.700
TP3: 85.000
If you want, you could go long now and set a SL just below the C point and take it all the way up to the Fibonacci Extension level of the 1.618, which is the bottom of the rectangle here. I say that because inside of the Bat pattern is a nice AB=CD pattern that played out, offering confluence to my original analysis. I would expect some resistance at the 85.500 level as well because another Bat Pattern is forming inside of the bigger pattern.
What I usually do is wait for a candle to close past the B point before going long. It's a level of resistance now, but if there's a strong candle that can close past that B point, then I would see it being a strong support for completing the Bat Pattern to short in the long run.
Let see how this plays out!
This is just my best summation of what I think is going to happen. I'm not a financial consultant. This is not financial advise and I do not take any responsibility for any money loss. Do not trade with money that can't afford to lose. I'm still a student to trading and am posting this for history and tracking of my growth.
Entry Price: 86.400
SL: 86.600
TP1: 85.850
TP2: 85.700
TP3: 85.000
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