AUDJPY Potential Bearish Bat
We might have a bat pattern forming on AUDJPY.
Remember that a bat pattern has:
XB is a .382 or a .500 (unfortunately in this case we're over a .500...)
AC is is a .382 or a .886 (we're just above at a .906 here...)
BD is a 1.618 or 2.618 (we'll be just under at the 1.426s)
XD is a .886
and If you zoom out of the chart and look left you'll see we have a little bit of structure to back up this entry point - anything else we can use as a justification for entry?
Stops above X, TP 1 @ the .382 of AD and TP 2 @ the .618. There's news for AUD and JPY today so that might help to push things in the right direction.
Remember that a bat pattern has:
XB is a .382 or a .500 (unfortunately in this case we're over a .500...)
AC is is a .382 or a .886 (we're just above at a .906 here...)
BD is a 1.618 or 2.618 (we'll be just under at the 1.426s)
XD is a .886
and If you zoom out of the chart and look left you'll see we have a little bit of structure to back up this entry point - anything else we can use as a justification for entry?
Stops above X, TP 1 @ the .382 of AD and TP 2 @ the .618. There's news for AUD and JPY today so that might help to push things in the right direction.
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