JoMarshall
Short

Bearish Bat At Entry Point! AUDUSD

FX:AUDUSD   Australian Dollar/U.S. Dollar
A bit late posting this but it's not late to enter.

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Great call. Possible of another short ?
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Yes the first target has been hit
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i think id draw the BC from from the highs at 0:00 rather than the way u drew it. that way we have a nice lineup with the 2.618 extention of the BC leg at the 886. but the entry is ofc stillt he same. nice spot
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JoMarshall SergeantPringles
If you do it that day you wouldn't get the 50% retracement and hence it wouldn't be a bat pattern
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well a bat pattern is also valid at the 38.2
http://www.harmonictrader.com/price_patternsbat.htm
thats the guy that orginally published the bat pattern. but i also know that there are ppl out there that only trade the 0.5 and why not, if it works for you.
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JoMarshall SergeantPringles
I guess it all depends on what you backtested, I backtested 50% and that's how I will always trade it. But people trade it differently and that's ok with me
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basicly yup.
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meku.tambu SergeantPringles
Scott Carney the founder of harmonictrader.com states in his book harmonic trading vol 1 that ideal/perfect bat pattern has 50% retracement
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true, he acknowledges the 38.2 retracment as a possible retracment level too tho. he even later published another pattern that only uses the 38.2 and looks for a 113 XA extention completion point, the alt bat.
+1 Reply
JoMarshall SergeantPringles
Interesting facts, thanks for sharing
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