As shown on the chart this is almost a perfect Bear Bat as described in Scott Carney's book. what is preventing this from being a perfect Bat is that the "C" point retraced more than 50%. Due to this being a counter trend trade I am aiming for less than half TP. the stop loss is a few pips below the "X" point. this is in part that if Price Action exceeds the Starting point the pattern breaks down and is invalid.
it is also worth noting that in Scott Carney's book he ascribes the Bat pattern as one of the more precise patterns because of the powerful .886 retracement. there would be a PRZ, but the 2.0 "BC" projection and the .886 "XA" retrace lined up nearly perfect!
once price gets close to the .886 it should become a bit more volatile!
it is also worth noting that in Scott Carney's book he ascribes the Bat pattern as one of the more precise patterns because of the powerful .886 retracement. there would be a PRZ, but the 2.0 "BC" projection and the .886 "XA" retrace lined up nearly perfect!
once price gets close to the .886 it should become a bit more volatile!