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TerryHarmonicTrading
Jan 12, 2018 8:53 AM

USDCAD - Alternate Bat completion Short

FX:USDCAD60
U.S. Dollar/Canadian DollarFXCM

Description

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The alternate bat pattern is a pattern I rarely spot.

This setup on USDCAD is great in a few ways.

1. Trending (Downtrend)
2. VSA principles pointing at further downside

At the PRZ of this alternate bat pattern, there was a double top yesterday.

At the 2nd top, there was a decent increase in vol with no further increase in price.

This is a classic short setup.

I have opened short at 1.2540.

SL: 1.2620 (80)
TP: 1.2370 (170)

Comment

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+85 pips for now.

Target at 1.2370.

Comment

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Shifting my SL to 1.2450 to protect 90 pips of profit.
Harmonic PatternsterryharmonicAlternate BatUSDCADVSA
Comments
AshaDi
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the price is bouncing back a little now, do you reckon the market will still go down until 1.2370 without any major change?
TerryHarmonicTrading
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@AshaDi, it might retrace to the top of the trendline before falling. If you are holding short, make sure your stops are above the highs of the trendline resistance.
AshaDi
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@TerryHarmonicTrading, I just closed it, bought too low and the allowed SL is also relatively low... too risky... lost lots of money on euro/usd last week, need to chill and get some solid profit back this week... currently on short AUDUSD, it retraced nearly 78% now, aiming for 100. May I ask what’s ur suggestion for other pairs?
TerryHarmonicTrading
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@AshaDi, bought too low or sold too low?
AshaDi
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@TerryHarmonicTrading, sold...
abdulHaseeb
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a good combo of harmonic and vsa, nice setup and well executed.
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