AUDJPY: 2618 & Potential Advanced Pattern Formation

7 jul 2016

As the market looks to retest the previous double bottom, we have a potential 2618 trade setting up starting at the 61.8 Fibonacci retracement level. IF price action rallies higher we may also have and Advanced Bat Formation setting up as well.

Data is often different from broker to broker in the Forex market so please check YOUR price chart for this pair. My data has the "B" leg falling just shy of the 61.8 retracement which is why I qualify it as a potential Bat Formation & not a Gartley Formation.

Also if you haven't done so make sure you check out my latest article for FX Trader magazine titled "Trade Like A Business: two Steps to help increase your trading productivity" starting on page 79.

Have a great day...or night depending on where you're located!

Akil Stokes
Chief Currency Analyst & Head Trading Coach
TradeEmpowered.com -The Premier Online Trading Education Company

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