Bat Pattern completion in AUD.NZD at lower trend channel line. It should at least bounce a little.
Comments
fximperija
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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.
Night_Trader
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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 !
Yuba_Tamazgha
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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
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Believe a shark would be too deep but who knows. Agree with your idea about cypher
Yuba_Tamazgha
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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
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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.
Yuba_Tamazgha
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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
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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
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I totally agree on this!
TradersClassroom
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I think this is a great place for a bounce but I would watch the NZD GDP release today which could cause a spike