Harmonic Pattern needs to be formed on date!
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.