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
Tell me please what is the strategy? You place breakeven but if the price will not get TP point and go down, will you close the trade manualy or what will you do ?
Thank you! ;)
+1 Reply
If it reaches half of my profit zone then I Place breakeven. I dont close the trade partially. Wait for the tp or sl. :)
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McKuz morshedul.sazid
But if the price get the middle of your TP (just right now) and go down will you wait when it will hit SL and the trade close with zero profit? Am I correct?
+1 Reply
Yes!
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morshedul.sazid morshedul.sazid
It will be 0.00$
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Great Idea, wish i'd caught it before it left the buy zone.
+1 Reply
morshedul.sazid Forex-De-Lis
No problem! There is more coming.
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Great Trade!
+1 Reply
morshedul.sazid abrar.ahmed1408
Thanks mate! :)
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TaurusRam morshedul.sazid
Thanks
+1 Reply
Welcome
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abrar.ahmed1408 morshedul.sazid
great rr will probably cover half the losses that took place the previous week
+1 Reply
morshedul.sazid abrar.ahmed1408
Yes! Want this take profit badly. Will save us a lot.
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manoj15 morshedul.sazid
can i buy now
+1 Reply
manoj15 manoj15
what is tp and sl
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Can you see the Green Box and the Red Box? and in between there is a grey color line. And see the Colored price int he Price axis. (vertical) In red it shows the stops and in green it shows the tp and the grey color shows the entry level.
The trade has already triggered and went 2/3rds of the profit zone. Please do not take the trade now.
Reply
manoj15 morshedul.sazid
ok got it
+1 Reply
Thanks........Sir. ...
+1 Reply
morshedul.sazid rajenderam40
Welcome :)
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Stormpetrel morshedul.sazid
Hi again, i'm trying to learn these patterns. I note that the documents I have say the X-B line must be between .382-.5, and the D must touch the low? You use these patterns a lot successfully so do you bend the rules a bit sometimes from your experience? Cheers
+1 Reply
morshedul.sazid Stormpetrel
Well, The trend system is based on dow theory trend identification. I do not take the patterns randomly from a chart. First I identify the trend and within the legs of the trend I take X leg and since I am trading with the trend, this gives me the confidence to take my profits at A point retest of the pattern, although according to backtesting result by my friend, It shows 30% chance of hitting the A point retest and 20% of being breakeven. So its 50% in total that you dont loose your money. The average Risk reward is 1:2.5 Which is quite good. But I have been getting a lot of messages that why not take profits at 38.2% of CD leg, so from now, I will tell my followers to take the profits at 38.2% of cd leg which will give around 60% accuracy with 1;1 RR. its fair enough.
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Stormpetrel morshedul.sazid
Thanks for the information, much appreciated - more studying to do!
+1 Reply
Chaching. Great job my friend.
+1 Reply
Thank you bro :) appreciate it). Need more winners like this ;)
+1 Reply
IvanLabrie PRO morshedul.sazid
For sure!
They will come. :D
Cheers.
+1 Reply
Yes With time:)
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Thank you! I TP on 21 pips :D
+1 Reply
Great! :)
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That's the right way to trade harmonics. A sharp XA impulsive move, an abc elliott wave correction and wait for a new impulsive leg to form.. Great job mate..
+1 Reply
morshedul.sazid Fxprotrader
Thank you man :)
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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
Fieldgate morshedul.sazid
and USDCAD

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Will sure do man!
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