AUDUSD potential Bat pattern at possible reversal area
Here we got the infamous Bat pattern that gives us that good R:R we loves so much to get the week started. The setup appeared after we got a good cluster of double / triple bottoms to make a "floor" or a support area where we can put our stop behind to give os some protection. Bear in mind this is a very counter trend trade, but its also a high reward one!
On this pair we have normally around 50-55 % win ratio with the good win ratio we are making money with this very simple setup even if we were are only correct less than 30% of the time. So i always tell traders simple is better, it makes it more easy to be emotionless and stick to your rules even after a string of loosers.
Well just a small thing from me so you got something to monitor, remember we like to see an RSI in the overbought area before we go long.
Kind regards
Thomas Jeff
On this pair we have normally around 50-55 % win ratio with the good win ratio we are making money with this very simple setup even if we were are only correct less than 30% of the time. So i always tell traders simple is better, it makes it more easy to be emotionless and stick to your rules even after a string of loosers.
Well just a small thing from me so you got something to monitor, remember we like to see an RSI in the overbought area before we go long.
Kind regards
Thomas Jeff