usdcad long opportunity
bat pattern. Stops need below X. 20 from entry pips is enough. First target at B. It's about 37 pips. Second target at C. It's about 64 pips. I like bat patterns for the risk to reward ratio. You don't need to be always right. You don't even need to be right 50%. For example, in April I had very few winning bats, that constituted only 37% of total amount of trades (I trade ONLY Bats) but still ended the month up 26% to my account. If we remember Richard Dennis, the turtles' coacher, he has about 95% of loosing trades. But if he had a winning one - it was tremendous. Risk/reward is one of the most important parts of one's strategy.
Some of you will argue me. Why does anybody need a strategy having less then 50-60% profitability? Well, these traders probably won't waste their time reading about such strategies. It's natural. That's because most traders trade to prove thay are right, but not to earn some money.
As for bats. I have backtested six pairs for 300 bats each and found following results:
In a sequence that is more then 100 trades there is a 55% probability that price will hit B point before it hits 1,113XA.
In a sequence that is more then 100 trades there is a 18% probability that price will hit C before it hits 1,113XA.
Target one usually has 1 risk/ 1,5 reward ratio.
Target two is usually 1 risk/ 2,3 reward ratio.
Some of you will argue me. Why does anybody need a strategy having less then 50-60% profitability? Well, these traders probably won't waste their time reading about such strategies. It's natural. That's because most traders trade to prove thay are right, but not to earn some money.
As for bats. I have backtested six pairs for 300 bats each and found following results:
In a sequence that is more then 100 trades there is a 55% probability that price will hit B point before it hits 1,113XA.
In a sequence that is more then 100 trades there is a 18% probability that price will hit C before it hits 1,113XA.
Target one usually has 1 risk/ 1,5 reward ratio.
Target two is usually 1 risk/ 2,3 reward ratio.
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