rozela99
Long

NZDUSD Bull Bat on the 4hr

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
144 2 0
I have Identified the potential reversal zone of price action on the Daily chart . I then went down to the 4hr time frame and found this potential Bull Bat that would complete in the reversal zone. Thus, giving me a reason to get long.

Entry, Stop Loss, and Target are noted on the chart.

You can now follow my trades on Facebook             @ Trading Forex For Profits and review my stats on MyFXbook.com
https://www.myfxbook.com/members/Mad_FX/demo-trading-for-live-room/1402670/CqNGazbNl2T2xH2MrkhM.

Thank's now lets make some PIPS!

Hi, I've measured out the same move. but the A-B leg does not hit the 61.8 FibRet? Am i missing something, please advise?
Reply
You are Correct. My rules state the following for a Bat Pattern to be valid I need a 50% retracement of X to A with price NOT touching the 618. Which will give me the B point. Then I need a at least a 618 retrace of A to B leg to give me my C point. Price CAN NOT pass the A point. And D completes @ 886 of the X to A leg. However, because of the reversal zone from the daily chart and the pattern completing towards the bottom of the reversal zone. I can trade it as a bat with only a 382 retracement. Will it be a winning trade? I have no idea but this is my reasoning to take the trade.

Entry, Stop Loss, and Target are noted on the chart.

You can now follow my trades on Facebook @ Trading Forex For Profits and review my stats on MyFXbook.com
https://www.myfxbook.com/members/Mad_FX/demo-trading-for-live-room/1402670/CqNGazbNl2T2xH2MrkhM.

Thank's now lets make some PIPS!
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