Thanks to reference done by @pejman_zwin
🦇Bat🦇 Harmonic Pattern:
The Bat pattern is a retracement and continuation pattern that occurs when a trend temporarily reverses its direction but then continues on its original course.
It gives you the opportunity to enter the market at a good price, just as the pattern ends and the trend resumes and has a bullish and bearish version.
It is similar to the Gartley pattern but completes at an 88.6% Fibonacci retracement of the X-A leg.
A true Bat pattern will include each of the following: the AB=CD pattern or an extension of this pattern; a 161.8% to 261.8% Fibonacci extension of the B-C leg; an 88.6% Fibonacci retracement of the X-A leg.
One way of trading a bullish Bat pattern is to place your buy order at point D (the 88.6% retracement of the X-A leg)
Place your stop loss just below point X.
Draw a new Fibonacci retracement from point A-D of the completed pattern and take profit at the point where the price will have retraced 61.8% of the distance between A-D.
To trade a bearish Bat pattern (a short/sell trade), simply invert the pattern and your orders.
We will see how it goes and calculated into my portfolio of trading with chart pattern.
🦇Bat🦇 Harmonic Pattern:
The Bat pattern is a retracement and continuation pattern that occurs when a trend temporarily reverses its direction but then continues on its original course.
It gives you the opportunity to enter the market at a good price, just as the pattern ends and the trend resumes and has a bullish and bearish version.
It is similar to the Gartley pattern but completes at an 88.6% Fibonacci retracement of the X-A leg.
A true Bat pattern will include each of the following: the AB=CD pattern or an extension of this pattern; a 161.8% to 261.8% Fibonacci extension of the B-C leg; an 88.6% Fibonacci retracement of the X-A leg.
One way of trading a bullish Bat pattern is to place your buy order at point D (the 88.6% retracement of the X-A leg)
Place your stop loss just below point X.
Draw a new Fibonacci retracement from point A-D of the completed pattern and take profit at the point where the price will have retraced 61.8% of the distance between A-D.
To trade a bearish Bat pattern (a short/sell trade), simply invert the pattern and your orders.
We will see how it goes and calculated into my portfolio of trading with chart pattern.
