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RE: |Trading Idea| EURO - Canadian dollar (EURCAD)
I've just come across your content and read your intro. Looks like you guys can add some value to the trading stream so I've give you a follow.
I've never really traded Bats myself and to me, that just looks like a simple retest of resistance before price dropped on it's path of least resistance. What makes Bats so special?
Just like any other pattern we trade, Bat patterns are not that special. Certainly not a holy grail by any means.
Its a sequence of fibonacci retracements that give a higher probability of a profitable trade than using a "simple" resistance strategy.
This is all based on the psychology behind the markets and indicates a loss in momentum.
We have tested this and other patterns extensivly and work quite well for us in our backtests and live results. But again none of these patterns work all the time, it is all about creating a statistical edge in the markets :)
Haha everyone I ask this question to says 'bats aren't that special'. It's like a cult ;)
I've gotta look deeper into them myself. Cheers boys.