We are looking for a D leg completion of this Bat Pattern for our buy orders to be triggered. The C leg of this bat pattern didn't exceed A, so in my rules this is still a valid Bat Pattern.
Having now retraced back into the 61.8% Fib level, we can also trade this as a 2618. Rules Of Engagement 2618 - Double Top - Break below Neckline / Support - 61.8% Fibonacci retracement - Stop loss above double top - Target 1 at 38.2% Fibonacci - Target 2 at 61.8% Fibonacci
I would like to ask a question about bat pattern.
Please correct me if i m wrong. Maybe in your rules it is still valid . it looks like AB leg didnt hit 0,5 retracement of XA. is it still bat pattern?
UnknownUnicorn180388
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Hi,
For my rules, i am looking for it to at least hit the .382 but cant exceed the .50
I hope this helps.
korhancakir
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thank you
UnknownUnicorn180388
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Not a problem :-)
dule85
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Hi!
You say you place your targets for the 2618 trade at 2 Fibonacci levels. What is the move or leg you measure the retracements of?
UnknownUnicorn180388
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Hi,
Please take a look at the photo below on another trade which is explained a little better.
UnknownUnicorn180388
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If you click on the photo below and scroll down you should get all the information you need.
Any more questions feel free to contact me.
dule85
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Aha, I see, thanks for the explanation. I personally would shoot for targets at the retest of structure low because of risk reward ratio if I follow my rules.
Wish you a nice weekend sir!
UnknownUnicorn180388
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That is certainly a strategy i implement on some occasions depending on how the market percents itself.
I will take half of my profits off at Target 1, i will then have a trailing stop on my Target 2.
You also have a good weekend.
devontrader72
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Correct me if im wrong but a to c should be 61.8 to 78.6
I would like to ask a question about bat pattern.
Please correct me if i m wrong. Maybe in your rules it is still valid . it looks like AB leg didnt hit 0,5 retracement of XA. is it still bat pattern?