leszekstanislaw
Long

USDCHF H4 - Brave Mr Alt Bat

FX:USDCHF   U.S. Dollar/Swiss Franc
161 4 4
Now trading patterns is like gambling rather. Here I can see Alt-Bat - difference from normal bat is B is 38.6% of XA whilst D is 113% instead of 88.6%. Completely do not know what are typical SL and TPs for such harmonic patterns - will try with 127.1%. TP quite brave - maybe this was just panic?
And on D1 - maybe Alt-Bat's D point is on bottom uptrend channel?
snapshot
Reply
Quite the opposite. Trading patterns takes the "gambling" aspect out of the equation. If you feel it's gambling, it's because you don't have a money management system in place. Without good money management, no matter what method you use, it will feel like gambling. As your own post shows, the harmonic pattern showed this huge drop in the market before it ever happened and worked out perfectly! So why would you call it gambling? I would hope you saw this pattern before the drop and made money.

BTW, standard TP on patterns is .382 and .618 retrace of the opposing price move Stop losses are dependent upon which pattern you are using. In the case of the alt bat, it's the 2.0-3.618 BC extensions.

Good luck.
+1 Reply
leszekstanislaw PRO EverythingForex
Thx! I have seen this earlier :) It is good to have such supportive word event through internet!
Reply
Reviewing this after some time. I did not catch 1st touch of D point and there was no actual re-test - it's a pity, because it was a really nice trade. Looks like such patterns likes kissing - just quick D kiss and run! Anyway - nice lesson, happy at least made good analysis :-)
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