FX:GBPUSD   British Pound / U.S. Dollar
Hey, traders. Recent HL was violated to the downside. Not a downward trend yet bur a sign of probable reversal. Being a part of bat pattern this kind of setup is called BAMM (Bat Action Magnet Move). BAMMS usually traded in anticipation of BAT completion. This time BAMM rules coinside exactly with 2618 trade rules. After BAT pattern is completed there's a high probability of of price to resume the overall uptrend. I'm going to sell gbpusd             at 0.618 and buy it back at D-point. Moreover I'm going to buy another unit at D-point to initiate BAT trade. This technique is known as stop-and-reverse technique. Hope you find the information useful to empower your trading skills.
Further possible scenario's...?
Don't understand your chart, mate)) But my rules say It's more likely to go lower. However, My stops were not hit yet in this bat trade yet...
KVE Alexander_Nikitin
NP, this was a good trade, closed everything at 1.5490! Now short again with SL above the high of today, if we go further up I'll short from 1.5735 based on my ideas.
cha-ching, mate. Good luck at shorting gbp. I'm short with gbpcad right now.
Hi Alexander ! I subscribed to your channel : )
Fantastic analysis !!!
What would be a possible speculative target in the Bat upward move? Around the 1.54000 area, or would it retest the highs at 1.57000?
Does it make sense to trade this move, or is it better to wait for the next short after this potential pullback?
I suppose that afterwards the pair will continue it's downward trend...
retest the X-point highest close. We had a aclose below X. it means theat in a series (more than 20) of these kind of situation the market has more probability to go lower. First we violated the double top's neckline which gave us the first downwar impulse. Then we violated that first impulses Structure low after correction. This gives us a downward trend. But my stoploss wasn't hit yet. So I don't expect priceaction to hit my TP. Nomatter what I expect my rules dictate me to stay in until SL or TP is reached. If priceaction comes up a distance equal to my risk in this trade I close half of my position. Closing half I leave another half at risk. If the market then returns and hits my stop loss - I'm breakeven at this trade, because I already booked the half which then was taken away by the market. I never move stops to breakeven - there's no strucuture reasons to place it at entry point. In this case earned some correction but not an impulse I was hunting first. Of course priceaction may not award me with this type of correction and go straight to the stoploss. It can also reverse and award me with an impulse up making the violation of X-point to the downside be a false breakout. So, my plan has rules for whatever market situation.
Well, the priceaction rewarded me with an upward correction I needed to close half of my position. So, I have only half left at risk. From now on it is a risk free trade for me. Let's see if this correction ucovers itself into an upward impulse))
Alexander where do I can learn this patterns ?
Alexander_Nikitin ervinguzman02
Search in my Ideas. I got a series called "THoughts about bat pattern". There you'll find everithing about it. First seires 8 series are for newbees, 8-15 are for more experienced. Rules of engagement, strucuture logic laying behind, statistics fo my own market research and much more...
I'm in with you, hope it works out! Good luck!
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