Hope you guys had a great weekend! As promised in my latest video we had a SPECTACULAR Q&A session yesterday with one of the main topics being alternate entries for advanced pattern formations (something that I'm not a fan of at all)
In this particular situation we have TWO potential Advanced Pattern Formations providing you with different levels of risk so there may or may not be a reason to look for that "alternate" reason (depending on your maximum risk rules) ANYWAY, In Green a potential bullish Cypher formation & in BLUE a potential bullish Advanced Bat Formation.
If you are going to use an alternative entry for this trade make sure you know what your trade is based off of.
Comment
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We found a smaller potential bullish Gartley formation on the hourly as well
Trade active
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Filled Long the Bullish Gartley at 1.1060 (See related idea link)
Nice! Noticed that one. But in the meanwhile I think that's also pretty interesting.
Akil_Stokes
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Nice we looked at that in the live room earlier today. A few of our traders got involved in a LTF double bottom at that level
MartinKirkelundLedet
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Are u considering the A leg being from June 23. Which makes the D completion abit lower? :-)
Akil_Stokes
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no
MartinKirkelundLedet
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Sorry Akil, I actually meant the X leg :-)
Akil_Stokes
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No problem
Kareem
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Hey Akil does it look like a good valid double bottom/retest on the Bat entry for another reason for entry?
Akil_Stokes
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Double bottom looks okay, just be sure of why you're taking the trade double bottom vs. bat formation
Kareem
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Was looking to use the double bottom with divergence as kind of a confirmation to enter the bat as the stop is too big for me to place orders just on the bat itself.