One of my favorite setups: Coming back into previous structure while forming a harmonic pattern. IN this case a bearish bat pattern.
Stops and Targets as shown. This is a swing trading idea. Follow your own trading plan! Follow me also on -> Website: ogtpartners.com Twitter: goo.gl/9EdYPk Facebook: goo.gl/qH7M51
The same trade here too, TradZ - The thing is you need to have stright rules for how you go about in the markets. If you dont have trict rules for your entry, stop and targets that can me tested and mesured over 500-1000 trades then you got no edge. Your gut don´t have a 60% win ratio on these loose predictions. How will you build and maintain a proper money management system from your gut feel trades. Felix, me and other traders know that over hundreds of trades a Bat pattern with the correct ratios as used here will have a 60% win ratio with a good R:R = it´s making money. This one trade does not matter, this month don´t matter. This year matters at the end! Trading is long term with strict rules that is tested to be profitable over years. Then a real traders job is to just execute that egde day in and day out without any emotions. Build yourself a tradeplan and stop spending time guessing, then you are better of in a casino.
Mandeep.Singh
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Couldn't agree more.
WirmachenTrader
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Cheers.
Lee001
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I took a shorts on usd/jpy on a ab=cd set up at 108.460 H1 and got stopped out at 108.960
WirmachenTrader
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As long as I dont hit the Stop the trade is still on.
TradZ
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I'm still not convinced that this is the completion of the bat pattern but your analysis is correct. I believe it will head to 108.8 before the actual SHORT takes hold:)
WirmachenTrader
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Why shouldn't it be "the completion"?
TradZ
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Idk trading is also about feel and I just feel that there is a little bit more room for upwards correction before heading down. Were just not ready to go down just yet:)
WirmachenTrader
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I see. I do not spend time on feelings. For me it's a pattern that fits my plan and therefore it's completed at that 88,6 % Retracement. It's not about winning this particular trade. It's about taking those trade in the long run to be profitable. That is what "I FEEL". Greets