Here is a bullish Bat pattern at market. I have labelled the legs that stand out to me and also drawn in the C-D Fibonacci retracement to show where targets are taken. Trading 2 positions and aiming for 2 different target levels.
Stop loss above X at a 113% Fibonacci retracement of X-A. With underlying trend so could aim for a third target at a retest of structure, however this depends on your comfort combining pattern trading with a trend continuation mindset.
Hi there i have just gone short here at 115.27 with a stop at 115.67......how long do you think it will take before your object of 113.83 is reached please
Tony
The way I trade this is if target 1 is hit (114.31) I will take off half of the position so it reduces my risk. I will also move my stop loss to break even so it's a risk-free trade. How long, or even IF 113.83 will be reached is something nobody can answer, we just have to make our prediction and wait and see. The most important thing is to follow your plan and not let emotions get involved.
But, based on my previous winning trades I'd say it usually takes a couple days to move that many pips. But again, this is a very broad guess and nobody can really know for sure.
Tony