UKSNOWY
Short

Is there a bat in the house?

FX:EURCAD   Euro Fx/Canadian Dollar
22 2 0
I have spotted a formation on EURCAD             that looks a lot like a Gartley Bat. I am not 100% convinced due to point C being lower than point A. Is this allowed? All the other points look good, especially as CD is 0.866 ( ish             ) of XA.
Also, it looks like the reversal may have already started.

I am new to these harmonic patterns and would appreciate some guidance from the community. Have I captured a bat or is it a white elephant?
joenicholas
2 years ago
Looks more like a butterfly then a bat to me. And, on the timeframe you're using, I'd keep your stops wide if you are going to trade based on it. I went long the pair Friday morning to play the distribution fade.
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UKSNOWY PRO
2 years ago
Thanks for the comment Joe. However, for it to be a Butterfly: Move AB should be the .786 retracement of move XA. Here we clearly have an 0,5 retracement, a requirement for the Bat setup. Having said that, I am still unsure if C is allowed to be lower than A. So it may be neither. Thanks for the tip on the stop loss.
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