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#AUDUSD Bat & Gartley Patterns for Long & Short #Forex #Trading

FX:AUDUSD   Australian Dollar / U.S. Dollar
99 1 5
#AUDUSD Bat & Gartley Patterns for Long & Short #Forex #Trading - TradeYodha.com

Reasons For Trade
Bat Pattern for Long Trade entry
Gartley Pattern for Short Trade Entry

Stop Placement:

For Bat Pattern it has to be below the X point. We see that there is 7200 level too. So stop has to go below that. This increases ours overall risk in trade.
For Gartley Pattern based short entry the stop has to be above X point however we have another structure high just before that. So we will include that too. We use ATR (at the moment it is 13 pips). So stop = high+atr

Targets:

For Bat Pattern , first target will be at 38.2 retracement and second target will be at 61.8 level.
For Gartley Pattern first target is 38.2 retracement and second target can be start of the bat pattern .

Trade Execution:

For Bat pattern we can be aggressive and front run orders before 0.7220 level.
For Gartley Pattern wait for market confirmation using Double Top/Over Bought/Bollinger Bands/2618 type of entry technique.

Concerns:

For Gatley pattern there is not much R/R ratio is not good for the first target. As SMAs are just below completion of gartley , price may just come back to retest them and go upwards.

Planned News/Events Expected:

TueOct 20 8:30am USD Building Permits

http://tradeyodha.com/trade/audusd-bat-pattern-gartley-patterns-for-long-short-trading/
Trade active: Long position active now
Trade active: Still in this trade. Came very close to hitting stops. Got lucky due to spread. Lets see how it plays now
Trade closed: target reached: First target hit.
There is a bat pattern too for short entry which gives us better R/R ratio. So for short entry we must wait for the confirmation
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