Alexander_Nikitin
Long

Trend continuation with bat pattern

FX:GBPAUD   British Pound/Australian Dollar
Trend is a tendency of price to move in one direction. It is identified in the charts as a series of hihger highs and higher lows. Here we have the exact picture of a trend. I am going to use this bat pattern in anticipation of the up-trend to continue.
Trade closed: target reached
Thanks. Hope to see it work.
+1 Reply
Hello Alexander, good work. I noticed your trade because I was thinking exactly the same thing. You took your profits at a good point because it may be the start of a bearish pattern. Have a look at the idea I just posted and let me know what you think.
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Alexander_Nikitin DerekUweri71
I see uptrend. No signs of price to go down.
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DerekUweri71 Alexander_Nikitin
Ok, Thanks
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DerekUweri71 Alexander_Nikitin
what about the above pattern?
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DerekUweri71 Alexander_Nikitin
snapshot
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DerekUweri71 Alexander_Nikitin
snapshot
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Alexander_Nikitin DerekUweri71
You need to work out the method of exact identification of XA leg. This is the key.
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DerekUweri71 Alexander_Nikitin
Alexander, I totally agree with you. Thanks
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DerekUweri71 Alexander_Nikitin
Hi Alexander, the BAT pattern appears to be completed now at 0.886.
snapshot
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Alexander_Nikitin DerekUweri71
Your XA leg is not valid for me)
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DerekUweri71 Alexander_Nikitin
Ok. Why do you say so?
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Alexander_Nikitin DerekUweri71
It should be swing high to swing low for bear bats. You know what is swing? It is more or less straight movement of price without deep retracements. I think your XA contains several swings. It will be looking like a single swing on higher timeframe, maybe. But not on this one. See what I mean?
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DerekUweri71 Alexander_Nikitin
I see exactly what you mean. Thanks.
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Alexander_Nikitin DerekUweri71
Yep, just find the way of swing identification. The rest is simple)
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DerekUweri71 Alexander_Nikitin
ok sir, you've been very helpful.
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naveenatrading PRO Alexander_Nikitin
Hi Alexander!

"without deep retracements" - how would you define a deep retracement on XA legs? For instance on the below chart, I'm struggling identify whether this XA leg is valid (I've only chosen this as an example of an XA leg, not about it being in-trend/counter trend move)
snapshot
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Alexander_Nikitin naveenatrading
This is my secret, mate. I've made an excessive market research to find it. Just spend 2 years, 10 hours a day backtesting charts and you will find it)). I was never told it by anyone, nor I read it in books. You need to go the same path if you want to aquire the kind of knowledge I have.
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naveenatrading PRO Alexander_Nikitin
That is fair enough! Thank you.
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Well done
+1 Reply
Thanks.
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It even worked again.
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yep, it bounced off that level twice))
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