|Trading Idea| EURO - Canadian dollar (EURCAD)
When we take a look at the chart of the EURO vs. Canadian Dollar, we see that a BAT-pattern just recently has been completed. This means there will be a shorting opportunity towards the 50% retracement, measured as of the A-D leg. We have indicated this level as the TP or take-profit level.
As I am writing this post, and looked back at the chart I have noticed that the drop already took place!
Nevertheless great to share with you how well these patterns usually work.
Be sure to give us a follow because we are planning to release some more details about the different technical patterns that exist and what would be our ruleset of trading them. Please let is know if this would be of interest to you...
Nice Post
Thanks Roky!
The great fall
A beautiful trade :)
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.
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