Last USDCAD i showed u completed head and shoulder. Now a bat pattern showing up @ our target area from head and shoulder. i might have a tighter trail stop for 2nd target on head and shoulder. Good luck. K
Comments
BarisYalcinkaya
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Thank you Sandeep_Gupta for your proposal. I'll check it.
Sandeep_Gupta
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As I understand, the Bat should have minimum requirement for AB retracement in the range of 38.2-50% of XA. Please refer the cheat sheet from neoharmonics.com for the valid Bat ratios.
BarisYalcinkaya
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Sandeep_Gupta was right. Actually this pattern is looking like a well defined Gartley Pattern. However, there is a problem in there. For a valid Gartley pattern, price should not pass BC(1.618), on the other hand, it must test AB=CD level. If you check the levels, AB = CD level is located below BC(1.618) which means that pattern would be fail. Keep in mind that if the price pass BC(1.618) it may turn to BAT pattern; but now XA(0.618) is the maximum acceptable value for BAT pattern. I think, you just accept a formation as a BAT when the price level of B is XA(0.382-0.50).
I hope that it will be useful for your analysis.
Good Luck,
Baris
Sandeep_Gupta
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Sorry, this pattern is no way a Bat pattern according to the ratios provided by the masters to be a valid Bat harmonic pattern, masters like Scot Carney and the others.
Sandeep_Gupta
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To be a valid Bat pattern, the AB retracement of XA should be in a range of 38.2-50.0%. This is a Gartley as the AB retracement is 61.8% of XA. The leg AD should be 78.6% retracement of XA.