ZackForex
Long

EURGBP Bullish Bat Pattern

FX:EURGBP   Euro / British Pound
Buy Limit @ 0.70310

Stops below 0.69950s

Target 1: 0.70680
Target 2: 0.70950
I do not believe you are trading this specific type of setup profitably especially with limit orders. The most likely outcome here is price goes down to .70310, doesn't respect it at all and stops you out in a few minutes. Just scroll back up the chart. I am counting at least 10 failed bats/gartleys on EURGBP since .74500
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riskmode riskmode
Second most likely outcome is price breaks A without reaching .70310
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Come on man anyone with trading experience knows that if this goes back down to .70310 the chances of it holding there is slim to none. The downward momentum is too strong. Entering a trade like this with a limit order is suicide.
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I trade my plan, my portfolio says to trade this pattern when it completes. Time and time again I see people saying "it can't POSSIBLY move higher" or "not a CHANCE that support will hold"...as if they know what's going to happen. (Not having a go at you, just in general)

I understand what you're saying, but you don't know that. No-one knows that. What I DO know is that my trade plan is profitable, and my trade plan tells me to trade this pattern if it completes. If your risk is probably calculated and you get stopped out, then so be it, but I wouldn't call a trade like this suicide.

Don't forget....anything can happen. =) How do you know it won't range for a few days before it falls? How do you know it won't rally back up so the big boys can get bigger orders in? ...etc..
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There's no reason why it couldn't pop down to 0.703, fill the order, and pop back up to retest 0.707, hitting our TP1, then firing back down...
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