Potential Bearish bat Pattern on the GBPJPY. It's a bigger trade so make sure that it meets you risk profile before firing off your orders. For those of you who have been with me for the past few months this will be a great example of what we've been talking about moving entries to match the risk.
I had a great time in the Live Room yesterday. Thanks to everyone who decided to attend the Free Week. Look forward to another excellent day today. See you in a few hours.
Also have bearish divergence as well as an ab=cd completion in the area. Really good find akil
Akil_Stokes
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Thanks, good find as well
Balazs
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Forgive my ignorance, but is target #1 for a bat pattern same as a gartley (382 retracement)? And I've noticed in the last few videos that the stop loss for these patterns isn't a standard 10 or 15 pips like with the case of 2618 trades, is it always based off structure and the "psychological" levels?
Akil_Stokes
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Correct, same targets as Gartley & no i don't use any standard pip numbers for any of my stop losses
Balazs
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Thank you!
Krylat
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Nice 1st target hit
KennethKvistad
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Hi..
If the price chart goes over point X of your pattern, will the pattern then me invalid?(trade for a 386 retracment of the C/D leg)
Akil_Stokes
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Yes
Jimz0r
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Hi Akil,
Are going to trade this one or you stand sideways because of the GBP interest rate discussion today?
Akil_Stokes
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I'm not in the trade yet, I need it to reach a higher level to be within my risk profile. If you can the safest move is to stay out as there should be a lot a volatility but obviously if you're in the trade already then you just have to stick with your position. With this being a longer term trade, I would hope that the trader was aware of today's events and the possibility that they would probably still be involved by the time it's released.
Also have bearish divergence as well as an ab=cd completion in the area. Really good find akil