EverythingForex
Long

TRADE: BUY@1.31650 Completed Bat Trend Continuation Pattern

FX_IDC:USDCAD   US DOLLAR / CANADIAN DOLLAR
641 16 20
Now taking the completed bat trade. Price are also sitting on the bottom trend line of the ending diagonal pattern as seen on the higher TF. This next move up could be the final wave of the wave iii             on the higher TF.
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Great wave analysis! For the bat pattern, is it true that they are generally invalidated if any retracement within the CD leg is more than .382? For example:
snapshot
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No. Absolutely not! Where'd you hear that from? Retracements within any leg is normal. CD leg is nothing more than a wave itself. Waves within waves are normal. Rarely do you ever get a straight shot from C to D. Only way CD leg gets invalidated is if prices exceed the C point before reaching the D point. Then the pattern needs to be redrawn if possible or just toss it!
+1 Reply
glennmercer PRO EverythingForex
Clearly from a non-reliable source haha Thanks for the info. I'm long this pair as well and have been for awhile. An extended 5th would be beautiful.
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yep. I hope so, too! GL!
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Thanks for the chart. Final wave iii that you mentioned, what is your target? Looking at weekly looks so bearish (still painting though). Cheers
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This pair has looked bearish on the monthly and weekly TFs for a while now. But remember those are super long term TFs! They can look very bearish while at the same time, on the daily TF and below, hundreds of pips moves can still be occurring without affecting the weekly and monthly "looks". As for a target, I don't give one nor am I looking for one. On this trade, I am trading the pattern. Not really looking for anything long term because of the very same reason that you mentioned. This pair is coming to an end of its long uptrend sometime soon. We just don't know when! We can only make an educated guess. It could finish this bat and make that MAJOR TREND change! Who knows? The market is the market and will do what it wants to do. Since one thing I am highly confident about is that there's an end coming, I don't want to trade into the turn. Only to capture pips on solid trades. Does that make sense? Sorry if it sounds as if I'm evading your question. GL!
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good work, I had a pending long order for 3 days and finally it was triggered today, I was about to gave up on it and cancel it yesterday but your post confirmed my count.
it's easy to spot impulsive moves, but it takes much more experience to trade complex corrections, I have been following your GBP and AU count analysis. very impressive
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EverythingForex PRO NidalDarawsheh
You're welcome. Yes, It takes a tremendous amount of experience to be able to break down corrective waves and then it's still kinda hit or miss! I try to break them down but I don't actually trade within the corrective waves themselves. I only try to trade near it's beginning or its' end. Never in between. That's where most trader's end up losing money! GL!
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fairieyizwan EverythingForex
u just do a good work bro. Thanks a lot.
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thanks and you're welcome! GL!
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fairieyizwan EverythingForex
any further idea for this patern so far?
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uhhh, what else do you want to know?
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FIDAGOHAR EverythingForex
very nice analysis and wonderful experiance....as i am new to your trade ideas would you kindly tell me where do you place your stop loss...and how do you mange your trades like what you do when tp1 hit etc....
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Thanks for following me. Please read the DISCLAIMER at the end of my posts. Since I am not providing any trading calls here, I do not provide SL and TP on every trade. When I do provide it, it is the SL and TP I use according to my own trading plan. Since every trader is different, you must trade according to your own trading plan. For me to assume everyone can trade according to my trading plan and my risk tolerance would be foolish on my part. This is one of the reasons why I think those that tell everyone where to put their SL and TP are doing everyone a dis-service in that they just assume that everyone can trade as they do. GL!
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FIDAGOHAR EverythingForex
thanks for your kind and detail reply....i have read the disclaimer .....as i am not so experienced in the forex .....so i am asking from educational point of view as your experience is truly great after i analyzed your past analysis....The stop loss level i ask from you is for educational purpose ....i mean which place in your opinion will be the least probably to visited against the analysis you shared.....
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Stops serve the purpose of keeping your account from being blown out from a runaway market. If you don't use Sl on your trade and the market goes against you, it could wipe you out! Unless you have VERY DEEP POCKETS! Now, where the SL should go is NOT about where the market won't visit. If you placed a SL based on that logic, then you could place the SL 100 pips away and likely the market won't visit it anytime soon (or it could!). Placing a proper SL is an art and skill in itself. The SL SHOULD go where if prices reach that point, then the market is telling you that your reason for taking the trade is WRONG. But still, that SL point may not be within your risk tolerance. So you must balance your risk level vs.the proper placement of the SL. Ergo...the need for having your own trading plan rules to follow that suit your risk tolerance. GL!
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