UPDATE #3: TRADE: USDJPY: COMPLETED BAT TP1 Hit (+283 pips)

In my previous post see Related Ideas: "UPDATE #2: TRADE: USDJPY:2 LONG-TERM Patterns So Far.+820 pips"), I said that I was now net LONG (meaning that I am still holding SHORTS on this pair but now I have more LONGS than SHORTS) because of the Completed bullish bat pattern and looking to make pips on the retrace. Well, now prices have hit the TP1 of the bat to bag another +283 pips. Add that to the +820 pips already made on the way down and in the last 2 days, I've bagged +1,103 pips on this pair. And some people continue to say "Patterns don't work!". You know who you are! Ok, so I'm being a little bit feisty and more than a little bit boastful. Yes, I know and I apologize. But some recent comments set me off a little is all. I'm short-tempered like that. Please forgive me.

Anyway, back to business at hand. Having hit the TP1, prices are now close to retesting the BAMM B point line of the bat which is also a MAJOR SR Structure. Should it get past that point, then the TP2 could very well be targeted. Just keep in mind that this movement is only a retracement of the recent crash in a wave (iv) movement. I fully expect that when this retrace is done, wave (v) down will commence and take prices even lower. To see my wave count expectations, see my recent post:

MY TRADE PLAN
I have now closed 70% of my LONG positions and will let the other 30% ride to see if prices will hit the TP2. I will be closely monitoring the price action for signs of the trend continuing and will quickly close the LONG positions and see if there is a good opportunity to add to my SHORT positions.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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