FX:AUDCAD   Australian Dollar/Canadian Dollar
658 42 18
After having an uptrend installed with higher highs followed by higher lows, I have a reason to buy the dip with this Bullish Bat formation.
Comment: Place breakeven.
Trade closed: target reached: 28+ pips
Very good mate.. Well done.. Keep in mind for something.. When you have patterns like this with XA a clear wave (not part of a wave) 90% of the time price will reach 1.27 fib level of that XA wave, which will always give you great risk/reward ratio.. Keep the good work..
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morshedul.sazid Fxprotrader
THank you very much for the info. Appreciate it :)
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Fieldgate Fxprotrader
Top answer.
If you look at the (huuuuge) daily butterfly, starting with the X-high on 4th August, you will see this playing out very clearly. We are just reversing off that 1.27 right about now...(I hope)

also highlights the different trends within trends too.
+1 Reply
Did not look at higher timeframe :). It proves that the pattern confluences work very well.
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Fieldgate morshedul.sazid
indeed.
although looking at other ratios....there's a 'better' confluence of other ratios (AB and BC extensions) around the 141 area
plus oil still driving CAD.
+1 Reply
snapshot
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morshedul.sazid morshedul.sazid
Just 1 ATR Stop loss. I am not sure yet, Maybe 2 Atr Stop loss maybe a good idea.
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Fieldgate morshedul.sazid
yes - very nice looking wave-4 pullback setting up...aiming for somewhere between the 8000-8400-ish level (admittedly over a fair time)
+1 Reply
Would want that level. Need to see what happens in the fundamental world.
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Fieldgate morshedul.sazid
and if you're looking at this, you probably want to check CADJPY too
+1 Reply
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