For all of you advanced pattern traders, here is a pair to put on your radar. There are currently two potential patterns setting up on the USDJPY. The first (in blue) is a potential bullish Cypher pattern that will complete at 111.47's. The Blue and Red Risk/Reward are the stops and targets for the cypher.
The next potential (in red) pattern is a potential bullish Bat pattern set to complete at 111.17's. The red and green risk/rewards are the stops and targets for the bat.
Now the question, Which one to take? Well its a trade off. The cypher will complete first and it has a higher win rate (in my experience), but it also has an inverse risk / reward profile. While the Bat pattern still has a solid win rate, but a much better risk / reward profile. In my opinion you cannot go wrong with either, but as always whatever you do, make sure you follow your plan.
Good Luck and Good Trading
The next potential (in red) pattern is a potential bullish Bat pattern set to complete at 111.17's. The red and green risk/rewards are the stops and targets for the bat.
Now the question, Which one to take? Well its a trade off. The cypher will complete first and it has a higher win rate (in my experience), but it also has an inverse risk / reward profile. While the Bat pattern still has a solid win rate, but a much better risk / reward profile. In my opinion you cannot go wrong with either, but as always whatever you do, make sure you follow your plan.
Good Luck and Good Trading