#GBPJPY 2618 TRADE SHORT AND LONG IDEAS (BAT PATTERN FORMATION)

A. Reasons For Short Trade:

1. Double top formed with bearish divergence
2. Price may go upto retest 61.8 retracement and 200sma to give short opportunity

Stop Placement:

1. Area above the previous High

Targets:

1. Target will be at completion of bat pattern where 200sma is located

Trade Execution :

1. Only one position for short

Concerns:

1. None

B. Reasons For Long Trade:

1. Bat pattern completion
2. 200sma close to the zone

Stop Placement:

1. Below the immediate support there is another support area. So we will have to include that too.

Targets:

1. First target will be 38.2% retracement of AD leg
2. Second target will be at 61.8 retracement of AD leg

Trade Execution :

1. Aggressive entries to be taken

Concerns:

1. None

Planned News Expected: (UK Time)

TueOct 13	9:30am	GBP		CPI y/y
WedOct 14	9:30am	GBP		Average Earnings Index 3m/y
		GBP		Claimant Count Change

 

Post Execution Review:

Pending

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