potential 2618....Usdjpy had a nice bat pattern setup I took last Friday. Pattern hit 38.2 of bat and reversed to the downside. It set up for a nice 2618 opportunity the market broke the neckline of the double bottom and the market is currently coming down. Markets on 1hr hopefully will be oversold and I will look to buy with a limit order if market is oversold at the 109.089 level (61.8) on fibs... stops will go about 10 pips below our previous lows of double bottom. (BTW 1 hr confirms exact same setup )
Nice setup. Did you predict a retracement from the 61.8 fib level due to the bat pattern or something else? Thanks for any feedback.
brww03
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@g4av1n, it just happened to double bottom when the bat pattern playing out. So the set up is called a 2618. Which means after a double bottom like the one above there is a nice chance that the market may reverse if it retraces to 61.8. So for my trading plan becomes a nice are to buy the market in this case. Hope this helps!