Just starting to develop a trading strategy with a demo account (I am first exploring FX, 1 hr charts, and 3 different chart patterns). Please ignore SL and profit targets as I will be varying these over the coming months during my research.
So this is a bearish bat pattern, the second leg goes nicely into the 0.5-0.618 retracement area, third leg falls beyond the 0.618 retracement of the second point, and I have set an entry target (indicated by the blue line) at 168.502(ish), which is at the 0.886 point.
I am mainly just posting this to see what you guys think with regards to my bat sketch.
So this is a bearish bat pattern, the second leg goes nicely into the 0.5-0.618 retracement area, third leg falls beyond the 0.618 retracement of the second point, and I have set an entry target (indicated by the blue line) at 168.502(ish), which is at the 0.886 point.
I am mainly just posting this to see what you guys think with regards to my bat sketch.
Trade closed: stop reached