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Thread: Entry Rules

  1. #11
    Junior Member
    Join Date
    Nov 2012
    Posts
    9
    Possible Bat pattern on AUDCHF M30.

    Entry Rules-audchf.jpg
    Last edited by dvarrin; 05-07-2013 at 08:52 AM.

  2. #12
    Junior Member
    Join Date
    Nov 2012
    Posts
    9
    Hi Kor4x,

    Which profit target should we define? Scott Carney wrote that the profit target is B point.

    Then he explains that there is a Initial Profit Zone at 0.38% or 0.618% of AD and when price reaches this level, we should set a Profit Protection Zone above the PRZ to avoid the trade to become a loser.

    Very often point B has not a good R:R, very often there is not at least 1:1.

    0.38% of AD is even closer to my entry level and I would leave no space for the trade to develope.

    I don't understand why we traget B. If point B is at 0.618 of XA and our entry is near 0.786 of XA, at point D, if we set the stoploss above X, the distance between X and 0.786 level is always higher than the distance between 0.786 and 0.618 levels. And very often we can enter only near B.

  3. #13
    Wizard
    Join Date
    Oct 2011
    Location
    A, A
    Posts
    2,575
    @dvarrin: check the patterns descriptions: Market Geometry & Harmonic Patterns especially their location within the Elliott fractals. This should become clear to you when each pattern is expected to appear. Then we know where to aim with our TP levels.

    Of course if you set the TP on B level you will have more successful trades, but your TP will be misearable. It's up to you. Put TP=2pips and SL=1000pips and your success ratio will be even better.

    Choose what is logical for you,you,you, what you feel and understand. Filter thru your eyes what you hear/read from others.

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