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The Bat Pattern.Bat Patterns can be traded many ways. These are the rules I follow: 1- First I find the impulse leg which is the X to A move in the pattern. 2 - Once the impulse leg has been identified I wait for retracement of the X to A move. I draw a FIB retracement from X to A and price must touch the 50% retracement but cannot touch the 61.8% retracement. This completes the A to B move in the pattern 3 - Next I wait for a retracement of the A to B move. I draw a FIB retracement from A to B and price must touch the 50% retracement but cannot violate the price at A. This completes the B to C move in the pattern. 4 - Once the first three legs have formed I am looking for price to touch the 88.6% retracement of the impulse leg (X to A). That completes the C to D leg of the move. 5- Limit order is placed at the 88.6% retracement of the X to A move. 6 - Stop order is placed at the 1.13% extension of the A to X move. 7 - Target is placed at the 38.2% retracement of the A to D move 8 - Set it and forget it!
Short
by FXSquad
Great week of opportunities GBP/JPYGood evening traders! Hope you've had a great week so far. GBP/JPY 60 minute has provided us with two profit taking trades this week with a big Cypher pattern followed by a Bat pattern that completed this morning and with the recent move breaking above structure we could see another yet another Bat completing shortly. Normal rules apply: Target 1: 0.382 retracement of X-A Target 2: 0.618 retracement of X-A Stops at the 1.13 inversion Good luck if you're also looking at this setup.
Short
by L_Bartlett
Bearish Bat Setup "Excellent Risk/Reward"Well here on the GBPUSD we have a potential bearish bat pattern setting up. This is an excellent example of why I love bat patterns. The main reason I love them so much is the risk to reward ratio (depending on what kind of stops you use). Now I use a 1 ATR stop on my bat patterns, and this will give me better than a 1.5 Reward/Risk ratio to target 1 with a 2.5 reward/risk ratio to target 2. You couple that with a pattern that wins somewhere between 52-55% (depending on what time frame & currency pair) and you have a recipe for consistent profitability. Now this pattern will complete at 1.24746 and minimum stops need to be above the X-Leg at 1.25102. Target 1 is at the 38.2 retracement and target 2 is at the 61.8 retracement. If you trade bat patterns on the GBPUSD, then this is one to keep your eye on. Good luck and good trading!
Short
by tommyb35
Ready for 2017?I just put out a video going over my results from 2016. Although 12% is not the greatest return, considering how crazy this last year was, if you broke even in 2016 it should be celebrated. Here is the link to the video if you are interested. youtu.be Now on the chart here, we have a massive potential cypher pattern on XAUUSD. Now I don't actively trade this pair, but i do follow it. Completion is at 1117.68 and minimum stops need to be below X at 1047.24. Target 1 is at 1214.59 with target 2 at 1275.17. Now like i said, this is a massive pattern so if you can take this much risk, you can go down to a lower time frame and look for an alternate entry. Hope everybody had a good holiday season and happy new year. Good luck and Good trading in 2017!
FX_IDC:XAUUSDLong
by tommyb35