Hey, traders. Here's another bat pattern. As usual I place my sell limit orders exactly at D-point. If it works and my limits are triggered I place stops just above X (pricisely speaking 1,113XA) and targets at 0,382AD and 0,618AD. When the first target hits - move stops to breakeven. I do it because I always keep in mind that 0,382 retracement is usually a trend following retracement. So if we see a further upward movement my losses wil be cut.
Note that you enable a MAGNET MODE when drawing patterns. If you miss a pip it may sometimes invalidate the pattern. For example if B-point doesn't touch 0,5XA - these ''patterns" have NEGATAVE expectancy. My eurusd, gbpusd and audusd tests show 30% profitability. The same thing if B-point touches 0,618XA. In these cases price usually doesn't come to D-point at all. In these cases its profitability is lower then 25%. So, be carefull when drawing patterns and make sure you don't make drawing errors.
Note that you enable a MAGNET MODE when drawing patterns. If you miss a pip it may sometimes invalidate the pattern. For example if B-point doesn't touch 0,5XA - these ''patterns" have NEGATAVE expectancy. My eurusd, gbpusd and audusd tests show 30% profitability. The same thing if B-point touches 0,618XA. In these cases price usually doesn't come to D-point at all. In these cases its profitability is lower then 25%. So, be carefull when drawing patterns and make sure you don't make drawing errors.
