Trend continuation with bat pattern

FX:EURGBP   Euro Fx/British Pound
We identify trend by two impulses in one direction separated by a correction. Correction is whatever priceaction within previous impulse's range. Violation of the final point of whatever impulse is continuation of the trend. Violation of the initial point of whatever impulse is a sign of trend reversal. Usually trends are only two impulses long. So by the time you have a confirmation of trend - it is almost over. That's why I stronly recomend you to take part of your position as soon as price action hits 0,382AD. If you close half at 0,382AD - it is enough to cover all your losses from previous trades, so the second part is your pure profit (net profit). I'm not a fan of moving stops to breakeven because it is not technically supported. My rule places stops beyond the impulse's border but entry point is within impulses range. The awareness of risking half instead of whole is enough)). Cheers.
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Best regards, Alexander Nikitin.
Fulltime professional trader and programmer.
High probability of downward correction.., but i guess the down ward move could be short lived., here is my outlook for this pair.

Alexander_Nikitin TOP VijaySanghishetty
a year ago
I agree. 4Hchart is quite bullish)
+1 Reply
a year ago
I'm short too
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