Although I am not as much a fan of harmonic patterns as when I first began trading this pattern appears to meet the criteria perfectly.
Through back testing I have found the Bat pattern to have a success rate of 62%, I would consider this a medium to high probability trade and as such will be committing a maximum of 5% capital to this trade.
Entry: 1.18847
Stop: 1.19090
TP1: 1.18361
Should the pattern reach TP1 I will close 50% of my position, the remaining 50% will then be risk free. I will post TP2 in the comments should the pattern be successful.
Through back testing I have found the Bat pattern to have a success rate of 62%, I would consider this a medium to high probability trade and as such will be committing a maximum of 5% capital to this trade.
Entry: 1.18847
Stop: 1.19090
TP1: 1.18361
Should the pattern reach TP1 I will close 50% of my position, the remaining 50% will then be risk free. I will post TP2 in the comments should the pattern be successful.
Note
Using bespoke fib levels I have increased my long position to hedge against the potential failure of the bat pattern short. Note
Note
The first position is risk free after closing 50% at TP, the second entry will be risk free if price hits 1.18798.Note
The second position is now also risk free.Trade closed: stop reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.