This is a situation I still haven't defined a rule for in my tradingplan, so I guess it's about time that I implement that. In that regard I am wondering what YOU would do in this situation and what is YOUR experience with it?
I realize that the underlying trend is , but my rules state that I will take every pattern when it presents itself regardless of the direction of my trend as per my testing.
I am considering several options here.
1. Following my rules for stop placement (1.131 fib ext from A-X) on advanced patterns, my stoploss for the pink Bat would exceed the entry for the blue . That would put me in 2 trades simultaneously on this pair. Therefore I would wait for the blue . The stoploss of the blue would NOT exceed the entry of the green , so this would be ok to take, and then it would also be ok to take the green since it's not in conflict with anything. I will therefore leave the green out of the other options.
2. Cyphers have a statistically higher win percentage than Bats, so I will just skip the Bat if there's a possible instead.
3. Go for the pattern with the best risk/reward, which in this case would be the Bat with 1:138 as the has 1:0,99.
Anyone who would attack this differently?