A further move down of this pair could bring us to the completion of a bulish bat pattern. As always, bat patterns have a pretty good RR ratio, target 1 being approx 1.5 and target 2 approx. 2.5 times the pips we risk.
As this is a setup on the 240 chart, I use a 1ATR stop loss under X.
* UPDATE : This pattern has now completed
Comments
FeelsFX
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Nico did you cover any profits since the price didnt reach TG2
Nico.Muselle
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I took off profits at TG1 and rolled my stops to break even. So yes, limited profits :)
Alexander_Nikitin
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I won't take this trade bacause this bat's B doesn't hit 50.
Nico.Muselle
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Excellent, every trader must trade by his own trading plan and RoE. I was taught as well to trade only bats that reach the 50% retracement however I have found that by doing so I missed out on quite some good and profitable trading opportunities. As you mentioned before, of course it needs to be back- or forward tested before you change your rules which is exactly what I did. Any way, as Akil would say, plan your trade, trade your plan ! (and may the pips be with you) :)
Alexander_Nikitin
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I agree absolutely. If you do back and forward testings, you may consist your own trading plan and ROE. As I would say: know your edge and act accordingly :)
Nico.Muselle
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That's the only way to become consistently profitable ! :)