Nico.Muselle
Long

AUDUSD - consolidation patterns : Bullish Bat @ structure

FX:AUDUSD   Australian Dollar/U.S. Dollar
1330 13 33
This pair has been consolidating for pretty much the whole month of February, with a light tendency to break to the upside. Consolidation is a perfect area to look for harmonic (or should I say fibonacci) patterns and this is not an exception.

We are offered a bullish bat pattern that would complete in an area that has been proven to be support and resistance a couple of times in the recent past, hence a good area to look for a reversal.

Bat patterns usually offer quite decent RR ratios and we can see the same here :

TP1 : approx 1.5 RR for a 65 pips potential profit (stop loss 47 pips) with the entry @ 0.7089
TP2 : approx 2.2 RR for a 105 pips potential profit


Agree with this idea ? Thanks for giving me the thumbs up by clicking the like button.
Have another view, have questions, comments ? Feel free to share it below !
More ideas like this ? Click the follow button to keep updated when I publish new ideas or update already published ones.
Gekko.uk
9 months ago
That R:R isn't even worth taking Nico
+1 Reply
Nico.Muselle MOD Gekko.uk
9 months ago
He who does not honor the small, is not worth the big, a proverb we have in Dutch.... Anyway, everything that's over 1:1 is worth taking for me, but it all depends on your trading plan and everyone might have different requirements ;)
Reply
Gekko.uk Nico.Muselle
9 months ago
A risk profile of 3:1 ensures that you can lose 48% of trades and still return over 40% return MoM
Reply
Gekko.uk Nico.Muselle
9 months ago
with a maximum risk of 3%
Reply
Nico.Muselle MOD Gekko.uk
9 months ago
I risk max 1% per trade and 5% overall (so I have maximum 5 trades on that have their stop loss not moved into profit at any single time). As a beginning trader with a small account, I think it is more important to make sure you preserve your capital first, before thinking about profits.
Reply
Gekko.uk Nico.Muselle
9 months ago
So no 500x leverage on every trade? oops
Reply
Nico.Muselle MOD Gekko.uk
9 months ago
Hehe, nope ... 100:1 is largely sufficient for me :)
Reply
nemo.vr11
9 months ago
hi Nico, I agree with you I have also seen the same pattern
+1 Reply
Nico.Muselle MOD nemo.vr11
9 months ago
Good eye buddy, thank god I'm not the only one seeing this :D
Reply
wasis
9 months ago
thanks for sharing. though I still favor selling :)
+1 Reply
Nico.Muselle MOD wasis
9 months ago
Hey, you have to trade based on your personal analysis, so nothing wrong with that ! Good luck !
Reply
Hi, Nico. To Bat complition, it has to breake rising channel. I am not sure to take this trade in this case. Test to channel support line with 0,382 retracement could be possible.
snapshot
+1 Reply
Nico.Muselle MOD bulent_akgul
9 months ago
Retrace to the .382 is a winning trade for me ... So no reason not to take it :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out