Hey trader's just wanted to do a quick follow-up video on the EURUSD idea that I shared with you this weekend. Price has reacted almost exactly as we anticipated and now that we have a breakout from out head and shoulders pattern we can start making some new predictions and look at a few new trading opportunities.
I can see EURUSD 4h Bat coming for it's D completion about at 1.25 price
Is it valid for you?
Akil_Stokes
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@RoopeKorpela, I can see what you're referring to but no it's not a bat pattern for me
PipMorningstar
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@RoopeKorpela, you should really check your rules or backtest your existing rules. As for the Bat pattern (I have backtested it more than I’d like to), these are my rules:
XA Leg
The AB candle close is 50% of the highs and lows wicks of the XA, and the candle close cannot exceed 61.8%.
The BC candle close is 61.8% of the highs and lows wicks of the AB leg, and the candle close cannot exceed 78.6%.
The AB 161.8% extension of its highs and lows wicks can’t exceed the candle close of XA.
The CD candle close is 88.6% of the highs and lows wicks of XA.
I can’t believe I remember this by heart, hadn’t noticed :).
Akil_Stokes
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@PipMorningstar, It's amazing how they become engrained in your mind especially after doing backtesting when you're reciting them over and over and over again.
I have been teached that BC leg should at least hit 38,2% and can go further as long as it doesn't wick or break A Leg
Akil_Stokes
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@RoopeKorpela I have the same BC requirement. At the end of the day all that matters if that you've tested it and that it comes out with a positive expectancy
Thank you for sharing your ideas Akil. Your previous video was well explained for the possibilities that the price could developed. So if someone doesn't know how to deal with that information it's not your problem. Nice work again. This is my prediction on EURUSD.
Akil_Stokes
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@KlejdiCuni, Thank you and thank you for sharing your opinion
Is it valid for you?