khaim

DOUBLE TOP (or bearish bat) SHORT

Short
FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
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7
I've been watching this chart closely this week, in fact, this is the only chart I've been watching and traded this week as its movements have been consistently predictable in terms of the knowledge we have of how to predict chart movement. So far i have not lost anything trading this currency pair however I am not willing to get comfortable based on that.

What you see above is what I initially would have just identified as 'double top', but on recently getting used to patterns i have reason to believe this is a bearish bat pattern. I am shorting in this position to the target you can see highlighted as this i believe has been a strong support level even though it is clear in the past that these patterns tend to pass that sort of halfway mark. Considering the overall trend is bullish however, I believe this is quite a safe trade and will be watching it closely!
Trade active:
Comment: Upon seeing we were approaching the current take profit faster than anticipated I decided to move the take profit in ambition of reaching the second support.

Trade active:
New Target idea

Comments

nice work
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