Not too much on my radar today, which is perfect since I prefer not to be actively trading on Monday’s. With that being said, something that I have my orders locked and loaded on for later on is this potential bearish bat pattern on the USDJPY completing at 125.09 right around a 4hr supply zone. This one may also be worth watching as it approached 125 even as we know how these psychological numbers affect price action.
Last week was one of our rougher week’s in the Syndicate program. If you’d like to read about it check out the blog post I wrote reviewing my 33rd Week of Trading in 2015. tradeempowered.com/week-33-in-review/
Good spot, I have the same pending limit order due to the awesome supply zone.
The nice and quick drop from that zone signals high imbalance of buyers and sellers, so the probability is high that there are some more sellers left unfilled from last time price was there.
Akil_Stokes
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Hopefully, i'd be happy to see that type of reaction
dionvuletich
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yes I would short that...!
riskmode
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Why is the supply zone on this bat any more noteworthy than any other supply zone? There is always going to be some degree of structure at the X point, otherwise it wouldn't be an X. If anything it looks like this would be a weak supply zone.
Akil_Stokes
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It's not any more noteworthy, just pointing out what's on the chart
MCMozambique
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Hi Akil, Thank you for your analysis. I have found that the Yen crosses don't obey the advanced patterns as well as non Yen pairs. Have you noticed this? What are your thoughts?
Akil_Stokes
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I have not noticed that with the Yen pairs that I've traded, however I've also never tested patterns on some of the crosses such as nzdjpy, cadjpy,audjpy or chfjpy so I'm not going to disagree with you.
Akil_Stokes
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I learned my lesson the hard way about not trading too many yen crosses at once a few years back so i've always been cautious
moneymaking
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Awesome setup Akil, we are likely to get more harmonic patterns, since many pairs have been consolidating for quite some time. All the BEST mate :)
Akil_Stokes
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Hopefully, not sure if I want to deal with another sleeper of a week like last
The nice and quick drop from that zone signals high imbalance of buyers and sellers, so the probability is high that there are some more sellers left unfilled from last time price was there.