USDCAD - BAMM breakout trade to 1.3035

This is also known as a RSI BAMM harmonic breakout trade, where price breaking the B point of a Bat pattern will magnetically move the price towards point D at XA 88.6. This strategy is documented in Harmonic Trading Volume 2 written by Scott Carney.

Note that for this kind of trade setups , the R:R is not fantastic, usually just 1:1 or slightly below it depending on where point C is.

For this particular setup, it is on the H4 chart, and the SL might be too wide for some of you guys to stomach.

I highly suggest not risking more than 2% of your account when taking this trade.

EP: 1.3235 (Market Price right now)
SL: 1.3470 (235)
TP: 1.3035 (200)

Am doing testing on this kinds of setup, will collate my results and share with you guys in due time.

Keep learning and be great in trading!

Komentarz:

This trade was a failure.

The volume at the breakdown was too excessive, it should be high but not super high.

This is my criteria when I trade setups like this next time.