Bat Pattern requirements
PRZ Zone and Technical analysis
A weekly trendline is inside the range defined by the AB=CD @ 1.27 and B-C @ 1.618 inside the PRZ zone.
Defining element of PRZ 88.6XA is inside a strong supply zone printed during active trading hours (London). This supply range from 50.58 up to 51.21 (May 2017).
PRZ Zone levels : 49.55$ to 50.84$
Supply and Demand levels (on chart)
Dark blue = Fresh demand
Light blue = Two touches demand
Dark Red = Fresh supply
Light Red = Two touches supply
Short term supply
In the short term there is a supply zone (re-tested once and therefore not fresh) 47.75$ - 48.37$. Past that level there are other re-tested supply zones before the PRZ, but these are supply zones printed during not active trading hours and their candlestick formation doesn't suggest a strong zone.
- The pattern incorporates the 0.886XA retracement. This level is at 50.84$
- B point less than 0.618, preferably a 0.50 or 0.382 XA. In the pattern above B point is 0.529XA
- The bat use a minimum 1.618 B-C projection. This is projected at 49.55$
- The AB=CD pattern™ within the Bat pattern™ is extended and usually requires a 1.27 AB=CD calculation. This level is projected at 50.31$
PRZ Zone and Technical analysis
A weekly trendline is inside the range defined by the AB=CD @ 1.27 and B-C @ 1.618 inside the PRZ zone.
Defining element of PRZ 88.6XA is inside a strong supply zone printed during active trading hours (London). This supply range from 50.58 up to 51.21 (May 2017).
PRZ Zone levels : 49.55$ to 50.84$
Supply and Demand levels (on chart)
Dark blue = Fresh demand
Light blue = Two touches demand
Dark Red = Fresh supply
Light Red = Two touches supply
Short term supply
In the short term there is a supply zone (re-tested once and therefore not fresh) 47.75$ - 48.37$. Past that level there are other re-tested supply zones before the PRZ, but these are supply zones printed during not active trading hours and their candlestick formation doesn't suggest a strong zone.
Note
Orders at supply zone, price breaks below 47$. Closing below pivot 47.29$Note
Demand zone 1H touchNote
Market order flow. Price bouncing off demand zoneNew printed supply zone : 47.09$
Note
Inside May Distribution supported by trendline. Added new levels on chart
Note
Price entering PRZNote
Daily timeframe supply.Note
Price failing to break 50.30 (most recent POC)
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.
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.