eurusd short idea

FX:EURUSD   Euro / U.S. Dollar
Earlier today I posted a eur usd long idea (small yellow bullish bat ). Price went lower and hit my stops which were exactly at 1,113XA. This bat pattern failure triggered another bat pattern completion. So, when my stops were hit, I re-entered long. As you see, price easily hit the first target and my money came back to me). Let's see if price can reach my second target. In this scenario we will have an opportunity to stop and reverse, because of bearish bat completion.
stop and reverse was successful))
very nice, painfree move. sold it on the very high)). closed the first target and moved stops to breakeven for the second part. Let's see if price hits the second target.
Hi! I also took the bullish bat pattern trade but I placed my stops just underneath the 1.1340 level because of structure.
It gave me a slightly less than 1 to 1 risk reward ratio to target 1 but it was ok for me. T1 was hit and now I'm waiting for second target :)
Thanks for the idea and greetings from a fellow advanced pattern trader!
+1 Reply
Yes, I thought of trading the larger bat and discard the smaller one. But then I remembered how many times I saw price triggering the first bat and never completing the second. So, the only way I can trade these situations is to take both. This rule is in my trading plan, but I still have thoughts tempting me to somehow change it for "this time". I know exactly where these thoughts lead a trader, so I get rid of them immediatly. Imagine the situatiation, when a trader changed or disobeyed his small rule "for this time" and the trade turned into a winner)). He will break it again. If a trader breakes rules his statistics change, his results become random.
As for stops, I always use 1,113XA. No matter what. I tried lots of stops variations during my backtestings and trading career: structure, 1,272XA, X+ATR, X+spread*3, X+10 pips and, of course, 1,113XA. 1,113XA is the best. There's an 80% probability that price will go further if it touched 1,113XA. So there's no need to have larger stops. Why? To save those 20%? If I turn 20% of my loosers into winners enlarging the stop, it means that I will have 80% of larger losses. See what I mean?
dule85 Alexander_Nikitin
Yes, I can fully understand you. Everyone must have their own set of rules and the important part is to stick with your rules. Discipline is a big part of the game!
I also agree with you regarding the stop placement. Keep the loosers small....
+1 Reply
Yes, and this set of rules should be given to one through his own backtesting. If one takes a rule that originates from someone else's ideas, opinions, beliefs, he will hardly able to obey it)). Many traders have "their own" rules, but these rules are based on somthing they have heard or read about. that's why they have troubles sticking to them))
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