FX:AUDUSD   Australian Dollar / U.S. Dollar
Hello everyone, first I would like to say that the trade I posted before on this pair reached its 2/4 targets. But in my opinion we might have a bearish trade at this time. We have two situations, the first is that we have a bat pattern (the b leg is little under rules). secondly we might have a potential butterfly pattern forming (I listed x,a,b,c legs). The targets for now are 0.717, 0.713, 0.7 and 0.706

Good Luck
Comment: target one hit!
is 0.713 the 382 level?
Target one hit
Looks good!
+1 Reply
Thanks Lets see
Howdy ~~~~
Please forgive the impertinent sound of this question I do not mean to sound like
a jack ass, however, I'm wondering: If the b leg is only a "little under" the rules at
25% below the .382 minimum, then, what would you consider being under the rules a lot ?
Or so much so as to be invalid ?
I bring this point up because, as you may be aware, we traders are GREAT at bending the rules
to meet out current bias, and, If this trade is a winner you'll have given yourself permission to -
not just bend rules but break them and that is the road to disaster in the long run with any trading methodology.
Thanks for your thought and wishing you a pocket full of pips !
+1 Reply
Hello dojitrader, I completely understand where you are coming from. As I stated in the description that the B leg is under the actual rule. For me I personally posted and took this trade because there might be another potential pattern forming. On another note, many traders miss many trades just because they are not willing to bend the rules or take the extra risk. For me I will take anything that I personally think is possible. But I also agree as you said traders are great at bending rules in my case I bend rules all over the place, that's just me and how I have been trading.
+1 Reply
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