NZDUSD 30 Bullish BAT PATTERN @ 0.6788

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Hi guys,

I thought I would share a pattern I am most fond of, the BAT pattern . I admire this setup because it mainly follows the overall trend and takes into account major support and resistance levels. As a strong believer in economics and harmonics, I believe this pattern gives 2 things which most traders strive for: 1) Good risk-to-reward and 2) Good win percentage %.

Back to the trade idea, it is a bullish BAT pattern @ 0.6788 in which i would have a buy limit in place and stop loss will be placed BELOW the X leg which we use as good support in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.

Thank you for your support.

Trade Numbers:

Risk: 17 pips x 2 = 34 pips
Reward #1: 22 pips. R:R = 1:1.25
Reward #2: 35 pips. R:R = 1:2

Plan your trade... Trade your plan.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out