BAC bearish bat pattern on daily chart

65 4
sell @ 17.28
Trade closed manually: i sold some of my holdings at D but I didn't short this, just used it as a take profit level. Now we have run up much higher as the pattern did not materialize. Time to look for new opportunities.
HI PHL How dou you decide BAT /Butterfly or other similar ?
TKY for Attenion
PHL fz19
Hi fz19! Thank you for asking. As I do not trade butterfly patterns I can only tell you how I approach bat patterns which I explained above in my reply to a fellow trader.
Is this bearish because it already broke out of the right wing? I'm not familiar with this pattern. Newb.
PHL ChadJohnson2017
hi! thanks for your question. No, this has actually nothing to do with the recent break-out. This bat pattern is based on certain Fibonacci retracements that follow each other. Point B should pass the 50% retracement of the X-A move, C should at least come into 38.2% retracement of A-B and the last one (D) is the 88.6% retracement of the X-A move and whenever price reaches it, there is a high probability it will reverse course. You can apply this to any market being currencies or stocks. Look for profits at the B point or 38.2% retracement of A to D ! :) I don't really feel comfortable much shorting stocks, so I use this pattern to exit long-positions instead. Hope this helps!
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