tradesetups

Why Bat Patterns SUCK!

FX:EURCAD   Euro Fx/Canadian Dollar
77 4 0
I don't think all bats suck - but my view is that some just don't deserve the time of day and can be thrown into the category of a sucky pattern. Anyone care to comment and share their feelings?
KPEI
2 years ago
How is this a bat pattern at all?
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dojitrader
2 years ago
#1 I would say that this particular pattern is a bit of a stretch to call it a bat.
The ratios are not really there, at least not very close to classic numbers.
#2 A bat pattern -- is not -- a bat pattern until it completes at the .886, right ?
Until then it is something else. At best it is -- the possibility -- of a bat pattern.
In other words I would not condemn a pattern simply because the market
has done something other than your expectations. Remember, the market is
never on the wrong side of you and your trade ~~~~ you are on the wrong
side of the market. Another way of saying this:
The market is never wrong --- you are on the wrong side of the market !
Hope you make lots of pips in 2014 !!! (finding ways of being with the market)
Reply
dojitrader dojitrader
2 years ago
I should have said ---
You ~~~~ As A Trader ~~~~~ not you specifically as a person !
The day I heard someone say that in a webinar is the day I started
making more pips than I lost.
I had to think about it for a while but, when I realized it is true,
it made a big impact on my trading psychology and consistency
of positive trading results.
Up until that point I was always wondering why the market was not honoring
my "brilliant analysis". lol
So ! To repeat myself again:
Trading is not hoping the market will give me what I want,
instead, it is trying our best to figure out what the market
has the highest probability of doing next and being there
to participate if/when it does.
Hope that clarified my thoughts or did it just
confused the issue, thrice ?
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tradesetups
2 years ago
Actually, my mistake. My X point was meant for this area:
snapshot

But it's great to have some interaction here with some other minds. So thank you for the comments.

Doji, I am in complete agreement with you. I once heard it said the Markets are is like a woman - you get nowhere telling a woman what to do, but rather by listening to her.

KPEI, some would argue that this is a bat, and trade it anyway - placing stops below x for a not so bad rvr with tp1 at b. I see it all the time. Yes, XA final doesn't hit .886 to the pip, but doesn't exceed it, either. Combined with bc's ratios, which go beyond 2.618 - for some, they'd go for it anyway with the thinking that nature is not always going to be so cookie-cut.

But beyond (or in addition to) the ratios, the 3 main characteristics (for me), is each segment needs to posses at least 7 bars, and the pa into X & D should be impulsive. Lacking any of these, but having near the pip ratios, the structure (in my view), is not that great.

Trading often reminds me of faith & religion. There are always going to be a truck load of doctrines, approaches, teachings, etc. meant to get you to the "promised land". Dogma does exist in the trading world. I hope that didn't come across as such :)

And as Doji has wished me already twice today. May you be blessed with more pips than you can imagine in 2014.
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