FX:AUDCAD   Australian Dollar/Canadian Dollar
43 3 0
long at 0.9886
dojitrader
2 years ago
I like your idea ~~~ Looks tradeable for sure !
It does seem to be difficult to Quantify.
I'm thinking you called it a Bat because it has such a deep
B to C leg. Ultimately it seems to be more of a Gartley than a Bat.
The A to B leg is past the .618 and the B to C is still within the .886 limit
for a Gartley, in my book. The harmonics, however make me think that
point D should be closer to the 1.272 of A to B which happens to come
pretty close to the 1.272 inverse fib of B to C. That places the long entry
around .9870/9875. Maybe the candlesticks will yield some light on
when to enter and lower the risk.
Well, what do you think of my rejiggering your idea ?
Reply
Sandeep_Gupta
2 years ago
Thank you for the comment, yes I am agree with you. My understanding is that the gartley is invalid after 0.786. I actually put my D near to 0.786XA.
Reply
dojitrader Sandeep_Gupta
2 years ago
I think, but i need to double check myself, that just applies
to the A to B leg. The B to C leg can reach as high as .886
before it is invalid. And I've observed that using the 1.272 of
A to B is usually a better entry than just the .786 of X to A.
Especially when the harmonics are not quite classic, such
as this particular pattern with the internal ab=cd being
absolutely no help at all . . . So, when
both the .786 And The 1.272 meet at the same place it tends
to produce a more powerful pattern. (even more powerful if
the inverse fib extension of B to C is also 1.272) Anyway, I hope this pattern
completes so we can add the results to our knowledge base.
Maybe even make a few pips !!!
Reply
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