PHL
Short

BAC bearish bat pattern on daily chart

NYSE:BAC   BANK AMER CORP
sell @ 17.28
Trade to invest!
ChadJohnson2017
a month ago
Is this bearish because it already broke out of the right wing? I'm not familiar with this pattern. Newb.
Reply
PHL ChadJohnson2017
a month ago
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!
Reply
fz19
a month ago
HI PHL How dou you decide BAT /Butterfly or other similar ?
TKY for Attenion
Reply
PHL fz19
a month ago
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.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out