FX:AUDCAD   Australian Dollar/Canadian Dollar
66 2 7
Here is an example of a large M-PATTERN that just completed
on the AUD/CAD             Daily Chart .

I labeled all (4) legs of the pattern.

REMEMBER DON'T ENTER SHORT ON THE ENTRY LEG
UNTIL YOU GET A HA CANDLE CHANGE AND THEN ENETER
ON THE CLOSE OF THAT CANDLE.

STOP LOSS GOES JUST ABOVE SWING HIGH
BLUE43 TOP
9 months ago
its more a bat than a m pattern
Reply
Dale_Ansel PRO BLUE43
9 months ago
YES, M AND W PATTERNS CAN LOOK A LOT LIKE BAT, BUTTERFLY PATTERNS, ETC.
THE DIFFERENCE IS, THOSE PATTERNS HAVE VERY SPECIFIC FIB LEVELS THEY
MUST HIT, OR THEY AREN'T VALID. I USE A MUCH SIMPLER METHOD AND IDENTIFY
THE PATTERN AS A "M" OR A "W". THERE ARE NO SEPCIFIC LEVELS THAT HAVE
TO BE HIT, AND AS LONG AS THE "V" NOTCH DOESN'T PULL BACK BEYOND
THE INITIAL IMPULSE LEG, IT'S A VALID PATTERN.
Reply
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