Although I am not as much a fan of harmonic patterns as when I first began trading this pattern appears to meet the criteria perfectly.
Through back testing I have found the Bat pattern to have a success rate of 62%, I would consider this a medium to high probability trade and as such will be committing a maximum of 5% capital to this trade.
Entry: 1.18847
Stop: 1.19090
TP1: 1.18361
Should the pattern reach TP1 I will close 50% of my position, the remaining 50% will then be risk free. I will post TP2 in the comments should the pattern be successful.
Through back testing I have found the Bat pattern to have a success rate of 62%, I would consider this a medium to high probability trade and as such will be committing a maximum of 5% capital to this trade.
Entry: 1.18847
Stop: 1.19090
TP1: 1.18361
Should the pattern reach TP1 I will close 50% of my position, the remaining 50% will then be risk free. I will post TP2 in the comments should the pattern be successful.
Comment:
Using bespoke fib levels I have increased my long position to hedge against the potential failure of the bat pattern short.
Comment:
Comment:
The first position is risk free after closing 50% at TP, the second entry will be risk free if price hits 1.18798.
Comment:
The second position is now also risk free.
Trade closed: stop reached
