AUDCAD 60 Bullish BAT PATTERN @ 0.9475

FX:AUDCAD   Australian Dollar/Canadian Dollar
Hi guys,

I thought I would share a pattern I am most fond of, the BAT pattern . I admire this setup because it mainly follows the overall trend and takes into account major support and resistance levels. As a strong believer in economics and harmonics, I believe this pattern gives 2 things which most traders strive for: 1) Good risk-to-reward and 2) Good win percentage %.

Back to the trade idea, it is a bearish BAT pattern @ 0.9475 in which i would have a buy limit in place and stop loss will be placed BELOW the X leg which we use as good support in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.

Thank you for your support.

Trade Numbers:

Risk: 20 pips x 2 = 40 pips
Reward #1: 26 pips. R:R = 1:1.3
Reward #2: 42 pips. R:R = 1:2.1

Plan your trade... Trade your plan.
Order cancelled: ANOTHER pattern failed to trigger entry by 2 pips and went on to hit target 1.
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