GcNaif
Short

Short term Short : risking 40 pips to achieve 129pips (1:3.2)

FX:GBPAUD   British Pound / Australian Dollar
422 7 5
Short based on the
a) Completion of Bearish Bat
b) Bearish ABCD
c) Resistance @ 1.9840

Update: Stopped out
I am a Chart Slave.Thank you TradingView and @nmike.
Stopped out as well. Beter luck next time ;-)
Reply
Good call, considering the bull channel that we are in i would have stops around 1.9900 level structure highs. The AB=CD has had consecutive bull bars. But hey i like your Reward to Risk ratio on this Bear Bat. Stick to your trading plan and you will come up on top.
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GcNaif MOD Siyabonga_Ngcobo
thanks Siya
Reply
Goodluck! The only thing that concerns me a little is why you took that particular X leg. Also in a pattern, the AB=CD move should be measured from point A, not from point C. Hence the X.. ABCD. But the timing to go short could be right.
Reply
Thanks , i know what you mean, the only reason i took that x of bat from that resistance and the A was the last touch of lower trendline in black dashed line,
Also Miko there is a pin bar (4th from last - this was the main reason why i got into trade)
Reply
Yes, pinbars makes a case for entry stronger. As long as you can make that decision for the X leg repeatable and consistenly, it should not be that hard to discover these patterns.
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Thanks Miko
Reply
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