Hi friends,
First of all I would like to say that I am BEARISH USDCAD pair LONG term.
This idea is to try to execute a LONG SCALP catching safe portion of retrace move of initial drop from resistance. Or resistance re-test if you will.
I have identified a POTENTIAL bearish Bat pattern and today we broke its B point which allows us to trade BAMM move to measured D point.
Entry - is on B point break and ideally re-test.
Target is Bat's D point at 0.886 fib exit automatically when target hit.
First of all I would like to say that I am BEARISH USDCAD pair LONG term.
This idea is to try to execute a LONG SCALP catching safe portion of retrace move of initial drop from resistance. Or resistance re-test if you will.
I have identified a POTENTIAL bearish Bat pattern and today we broke its B point which allows us to trade BAMM move to measured D point.
Entry - is on B point break and ideally re-test.
Target is Bat's D point at 0.886 fib exit automatically when target hit.
Comment:
Set trailing SL to ensure this trade to be profitable. Never let profitable trade go into loss.
Trade closed manually:
Trailing SL got hit with profit.
Comment:
This idea demonstrates how important it is to secure and ensure profits after trader entered the trade and price moved into your favor. Especially when trading BAMM moves B->D portion of C->D leg. Because it is being traded on not completed and anticipated pattern.
Since this POTENTIAL Bat pattern is not invalidated yet. We can do another second attempt to catch that B->D move when/if B point is broken up.
Bat's invalidation happens when price goes below C point.
Going below X point will give us a nice short trade BUT that would be another idea.
Since this POTENTIAL Bat pattern is not invalidated yet. We can do another second attempt to catch that B->D move when/if B point is broken up.
Bat's invalidation happens when price goes below C point.
Comment:
*Going below A point rather....
Comment:
Price approaching B point line again. Let’s get ready to do a second attempt of this trade if it breaks it.
Trade active
Comment:
This trade is NOT going well. I have placed SL at March 19 low which considering profit taken from first attempt is a break even. If SL gets hit I will gladly let this trade go with no loss and close this idea.
Comment:
Who would have thought that this trade survives... lol. I will keep that SL though.
Comment:
Move Stop Loss to a little higher than Break Even. NEVER let winning trade to become a loss!
Comment:
Setup trailing SL to secure more profit. This trade take more than anticipated time and might not work out as expected.
Trade closed manually:
Trailing SL got hit with PROFIT today. No position at the moment. Potential Bat Structure is being invalidated over time so I am closing this idea.