Pattern details and a trade plan:
Swing identificaiton: prex(6)
B-point: 0. .6XA
Entry(limit order): 0.9XA
Stoploss(stop order): 1.1XA
Target(limit order): 1 to 1 RR
First bar in history: 1999/01/04 9:00:00
Total patterns found: 35
Number of winners: 20
Average winner: 20.9 pips
Probability of win: 57.14 %
Average RR: 1.02
1. Bat pattern completion and a confirmation of rejection at fib confluence of 1.618AB and 0.886AXA put us in short position
2. I then need to adjust the structure for the CD leg hence adjusting targets a bit.
2. The first target will be at 38.2AD (around point B) and second will be at 61.8AD
Thank you for your answer.
So, your targets are based on 0.382 and 0.618 retracement of the AD move. These targets are preached by Bat Pattern creator - Mr. Scott M. Carney and the guys who follow his works. But, you personally, have you ever tested these targets yourself or you only take for granted what others say?