Looking to short if the butterfly completes around the down trendline. Sell order with tight SL or better yet, wait for confirmation...
If it breaks the trendline then we might be on the way to complete a bearish bat at a higher level...
Comment
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Cancelling the butterfly setup, since the timeframe is off now. Possible short opportunity at 61.8% and trendline confluence, but only after confirmation.
Bat is still valid
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Updated idea on the bat (+ short at trendline still possible...):
Order cancelled
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Bat fell short, reversed sharply at 0.786, which is Gartley PRZ... (0.558B was of course close to 0.6181 also), will keep this in mind for future setups.
Comments
PCTradeKop
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Agree...
KVE
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Nice!
TFrank_1
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I'm seeing the same with this pair.
Is a bat pattern a Gartley?
i know gartleys inside out
KVE
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Gartley is typically 0.618 B and 0.786 D, bat is 0.38-0.50 B and 0.886 D mainly, BC projection adds to the PRZ.
TFrank_1
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I've only been using Gartley's and Wolf Waves, but Bat patterns seem much more common.
I've been using my patterns with an S/R confluence and have been having some fantastic results.
What are you using for your news? I'm Currently using CNBC
KVE
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Hi, I use WBP online as a news calendar, just to make sure I don't enter a short-term trade before any major news is coming out which could spike me out of a trade...
For higher TF trades (4H, daily) I don't look at news at all, I only rely on technical analysis.
KVE
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It actually reversed at Gartley PRZ (0.558B was of course close to 0.6181 also), will keep this in mind for future setups!