EURJPY H1 Bearish Bat - 5 July 2011

5 July 2011

Bearish Bat Pattern On EURJPY Hourly Chart.

This pattern is validate by 0.500 retracement of XA at B point and 0.886AB at C point.

PRZ :

• 0.886XA @117.39
• 1.618AB=CD @117.46
• 2.00BC @117.84

Price action had test one time on PRZ and manage to hold from predominant uptrend. Supply zone in 117.50-70 also provide a strong resistance.I had entered this trade last week but got stopout on breakeven.Refer my last week trade here.  I will wait until second test of PRZ is finish,if PRZ manage to hold the price action from predominant uptrend this should give an opportunity to go short for this pair with stoploss just above the suppy zone. Follow me on my twitter for the updates.

UPDATE

Trade Details:
Entry : 117.40
SL     : 117.85 (45 pips)
Target 1 : 116.10 (130 pips)
Target 2 : 115.10 (230 pips)

Confluence of supply zone and PRZ at 117.50-117.70 manage to hold price action from predominant uptrend. This trade if successful potential to return 1:5 risk reward ratio.



6 July 2011

Exit partial position at 116.20 with 120 pips profit. I had add another position on the breakout of demand zone (116.15-30) and trendline break.

Trade Details :
Entry 2 : 116.01
SL       : 116.45
TP       : 115.25




UPDATE

Exit all position at 115.60.
Entry 1 : 180 pips profit.
Entry 2 : 41 pips profit.

Total this trade : 120+180+41= 341 pips profit.







8 July 2011

Trade Followup

Great entry,great exit,good pips..if i can make like this everyday every trade ... :)

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Posted in: Bat,Bearish,EURJPY

EURJPY H1 Bearish Bat Pattern

29 Jun 2011

Trade Details :
Entry : 116.97
SL     : 117.80 (83 pips)
Target 1 : 115.77 (120 pips)
Target 2 : 114.90 (207 pips)

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Posted in: Bat,Bearish,EURJPY

EURJPY H1 Bearish 5-0

22 Jun 2011

Bearish 5-0 Pattern On EURJPY Hourly Chart.

This pattern is continuation of bullish BAMM in the previous post. B point at 1.13 retracement of XA validate this pattern.

This Bearish 5-0 pattern completion projection is define by a convergence of 0.50 retracement of BC and reciprocal AB=CD at 115.70.

Trade Details :
Entry : 115.70
SL     : 116.10 (40 pips)
TP 1  : 114.90 (80 pips)
TP 2  : 114.40 (130 pips)




23 Jun 2011

Exit 2/3 position at 114.95 with 75 pip profit.

 Exit all position at 114.68 with 102 pips profit.

Total : 177 pips profit.

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Posted in: 5-0,Bearish,EURJPY

EURJPY Hourly Bullish BAMM

BAMM is abbreviation for Bat Action Magnet Move. The essence of this technique is based on location of mid-point (B) within the pattern structure. Any B point with a retracement less than 50% resulted in a completion point that was closer to the initial X point.
In the Bat pattern when CD leg exceeded the B point, the price action would test the 0.886 retracement of XA leg. This will give an oppurtunity to capture the segment of CD leg instead of waiting for the ultimate completion of the larger pattern.

The trigger of this trade is based on the price action breakout B point.As seen on the hourly chart for EURJPY, B point was at retracement of 0.382XA. When C point complete at retracement of 0.886AB it will validate the Bat pattern. Once CD leg had breakout the B point, BAMM was triggered. This technique should give best risk reward ratio as the stop loss will be put just below B point and the target is at retracement of 0.886XA.

Trade Details :
Entry : 114.99
SL     : 114.60 (39 pips)
Target 1 : 115.71 (72 pips)
Target 2 : 116.33 (134 pips)

 Exit all position at 115.27 with 28 pips profit. The reason i exit this trade early is because now on H1 chart got bearish 5-0 pattern. This pattern completion projection was at a convergence of 0.500 retracement of AB and 2.00 retracement of BC which is at 115.70. I had exit early before the 5-0 pattern completion is because based on other EUR pair is start showing some weakness and this week show a lot of the pattern had reverse before price action testing the PRZ Zone. As a reminder to myself "When in a doubt,take your profit and cut your losses quickly" . However, i'm satisfied with this trade.

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Posted in: BAMM,Bullish,EURJPY