FX:AUDCAD   Australian Dollar/Canadian Dollar
1302 4 38
Firstly i should apologies for the recent inactivity in publishing charts, i shall be posting frequently again as of today.

On the AUD/CAD             4h chart we have a potential short opportunity at the D leg completion of a Bat Pattern .

The price reversal zone is between 0.9547 & 0.9576 however we have a strong psychological whole number at 0.96000 which will also be a key area to watch if price breaks above the X leg.
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Bat Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance .


Learn To Trade The Bat Pattern .
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Hi there thanks for sharing where would you put your SL thanks in advance
+1 Reply
TomHall rickdixon
I couldn't give you an exact number, however whenever placing a stop loss on all advanced patterns they should be either above or below the X leg depending on if the patterns in bullish or bearish.
On the illustration above your stop loss would have to be placed above the X leg as this is the last leg of resistance.

I hope this helps.
...or you can use the ATR, but as the price jumps over X, the pattern becomes invalid anyway.
Anyhow, thanks Tom, job well done, just as your other posts. Lets se the D-leg completed... :)
+1 Reply
TomHall sketchmaster
GT500 is correct, there are many ways of calculating your stop loss, this should be something you back test to see what works for you on the currency pairs you are trading.
+1 Reply
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