Bullish Bat forming, STAMP 2 & 3hr

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This "Long" position would be from a completed 'D' point at the $566 level. See below for trade plan suggestions.

Bats are a retracement pattern and are a deep retest of support ( bullish ) or resistance ( bearish ). If this one completes to the D point it typically has a 90% likely hood of reversing upwards bullish . A .886 XA retracement to the D point is necessary. An extended AB=CD where the CD leg is 1.27 of the AB leg. Although, an AB=CD where AB and CD are the same length is acceptable, but is a minimum for the pattern to be valid. Minimum 1.618 BC             extension to the PRZ. Its preferable if the BC             extension is 2.0. Could also be as much as 2.618. The B point retracement must be less than .618 to be a valid pattern. e.g. B could be 0.5 or . 382 retracement of the XA.

Finding this one is important because it does have implications for our higher time frame Gartley pattern . I'll post a shot of the inception advanced             patterns below.

Common trade plan: Place pending buy at Point D
Stop loss 20 pips below Point X
Target 1 is at the 38.2% Fibonacci retracement level of AD
Target 2 is at the 61.8% Fibonacci retracement level of AD or trailing stops to structure.
Perfect prediction. Nice job.
BitcoinJesse ninjabenja
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ninjabenja BitcoinJesse
I write my charts in large part for beginners, as a beginner. I try to learn and understand a pattern or a concept as best I can so I can teach it to others. I have never researched fractals, dragons or swans but I will be sure to do so now. Unfortunately, until then it means, I don't fully grasp the further implications of your chart. If you cared to expound on what you posted I would read it with interest. In the name of laziness, if you have any favorite sites pertaining to the patterns in your charts I would patronize them as well. Cheers!
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