Bat Pattern completion in $AUD.NZD at lower trend channel line

FX:AUDNZD   Australian Dollar/New Zealand Dollar
397 14 4
Bat Pattern completion in $AUD.NZD at lower trend channel line. It should at least bounce a little.
Wrong mate, there's no bat. AB didn't ret. to 38.2.
Night_Trader fximperija
Oh please guys....! Stop to correct me with these kind of comments!!
I have stetted often that I do not follow Scott Carney in everything. I use different targets and I do not use RSI ...etc.etc.etc.

For me this is enough of a Bat Pattern! For me! I cannot invent 100 different names for what I see. I even did this once with a Batley Pattern (mixture of Gartley and Bat ..:-)) and of course I got comments... :-(
Night_Trader Night_Trader
Jus as an idea for money management in this subject: One could work out a plan on how much to risk on a trade. If Scott Carney is your hero, you could bet much less on a trade which does not fit all requirements, and more money the more requirements are fit.
Carney for example uses 2 targets, which I found to be much worse in a risk / reward way. You are to have a much higher win probability if you use two targets. So you have to be more selective in the trades you take and you have less trade frequency.
Looking forward to this bounce as well. :) Probably back to 1.087...
I think this is a great place for a bounce but I would watch the NZD GDP release today which could cause a spike
Hej mate, didn't mean to offend ya, but if you use harmonic terms and patterns than, at least, respect them as they are. If you don't conform to the established rules than name your patterns your way, don't use the recognized terms. These patterns exist for a long time so show some respect. I don't say that your piggy bat isn't a pattern that might work, but don't name it what it isn't.
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Night_Trader fximperija
As I already said. I will not invent new names for every little change in definition. Most people today use Scott Carney's definition as status quo, but he is just one guy! There are many others. For ex. you can set the 786. as turning point for a bat pattern. Carney just found the .886 a better place. Which is great, but before that is was also a bat pattern. Or take the Gartley pattern. Gartley invented that one. It is was totally not what Carney made of it. I do not say that Carney did something wrong! No ! He did a lot of very valuable research on this, but I do not see a reason to only accept Carney's definition for what is a Gartley Pattern and what not.
Loufllass and Pesavento use slightly different rules and the guys from "Trade Empowered" use different rules !
+1 Reply
Awesome eye mate. We should def.. see a bounce on the trend line. If price breaks the trend line, what do you think of this pattern becoming a cypher or a shark?

fximperija Yuba_Tamazgha
Believe a shark would be too deep but who knows. Agree with your idea about cypher
Yuba_Tamazgha fximperija
Yes I agree mate, shark is too deep. Most likely we'll see a bounce.. Bats are ahigh probability patterns especially when there is previous structure and a trend line to support. Keep up the awesome trading!
Night_Trader Yuba_Tamazgha
That's also my view here. If we break the trendline and the Bat fails, we will reevaluate things because it also depends on how the trend line will be broken, ...if that happens.
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Yuba_Tamazgha Night_Trader
Greatly said. All we can do is plan ahead, and right now the closest opportunity that is presenting itself is the bat pattern.. Again, awesome trading. You should get some nice pips from this trade.
eXcess0070 Yuba_Tamazgha
oh dude, suddenly you like cyphers now? xD ahahahah ( just kidding, I know you do )
for those who keep saying that this isn't a bat pattern, well for me it isnt, a bat pattern MOST have an 50% "B" retracement. but that's my rule, some would say it gotta be a 38,2 % some would say fuck it, I don't need a "B" leg xD ( I know there are guys like this, hahaha ) but well, one MOST make their own backtesting and figure what patterns and ratios works best for you. it makes no sense to invalidate others rules of patterns becouse it isn't an exact science, or even Maths. patterns works ONLY in psycology of the market wich is driven by people feelings or sentiment. ( that's why the market is so unpredictable, becouse people usually think in diferent ways )
Night_Trader eXcess0070
I totally agree on this!
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