On FX:EURGBP, the price moves sideways on 1H bars, where it found great resistance level at 0.73547. This is very significant zone, as it can seen, price respected that level many times and it will more likely that it will act as resistance again.
Bat pattern appears, which increase the probability of this set-up and give clear guidance for enter, TP and SL. It is great risk/reward opportunity. T1-38.2% T2-61.8% --------------------------------------------------------------------------------------------------------------------------------------------------- From now, Traders have an opportunity to directly copy and have access to ALL my Live trades. View my Live Account Profit curve. At traders’ tab search for – Art of Trading1 and Follow. By following my account, your trades will be managed professionally (Entry, Exit, TP, SL etc).
According to my rules, I patiently wait pattern to finish D leg move and then enter, as it gives me good risk/reward ratio. My backtested results show that the pattern should hit D leg to be valid set-up for me and enter the market.
Yes, it reversed early, but there will be more opportunities on market :)).
KVE
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Endlessly more opportunities await us indeed :-)
Just asking: do you have data that you are willing to share on trades based on bat patterns?
I am currently trying to get a view on the odds of success as to be able to optimize my profit taking!
Say e.g.: 20% directly hits SL, 50% hits the 38.2 and then reverses and 30% continues to the 61.8% (or 50% or whatever)?
Just asking, I totally understand if you consider this "not-shareable" info!
Art_of_Trading
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I just sent personal message about all this information; hope you find it useful.
KVE
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Very useful thank you! PM back, please read. Thanks again!!
KVE
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Wel spotted, reversed earlier..., it seems on smaller timeframes alot of these patterns fall short as to where D completes, just not fully getting there before reversing.
I guess everyone is being conservative and aiming below the targets... It raises the question whether or not we should be rethinking strategies based on these patterns!
You were right in any case to aim for full completion because of the structure above being a possible target for bulls!
Yes, it reversed early, but there will be more opportunities on market :)).