The Bat Pattern , is a precise harmonic pattern discovered by Scott Carney in 2001
The pattern incorporates the 0.886XA retracement, as the defining element in the Potential Reversal Zone (PRZ).
The B point retracement must be less than a 0.618, preferably a 0.50 or 0.382 of the XA leg. The Bat utilizes a minimum 1.618BC projection.
In addition, the AB=CD pattern within the Bat pattern is extended and usually requires a 1.27 AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns.
Due to the Hectic day on EU I am publishing this Pattern very late, the importance of this pattern is that I used it to enter the larger Butterfly pattern with a much smaller stop.
The Bat like the Gartley is a continuation pattern that will, upon completion, follow the trend.
The pattern has already hit all three TP's and I would expect the trade to continue further in line with the Butterfly pattern targets.
I've read your post about bearish butterfly which the TP 3 is roughly around 1.81xxx
Before that pattern, this bearish bat pattern has been completed, so the next thing is hoping that the bearish butterfly pattern(your previous post ) to create complete?
Before that pattern, this bearish bat pattern has been completed, so the next thing is hoping that the bearish butterfly pattern(your previous post ) to create complete?