Exxon, broke double bottoms neckline, potential BAT
Comments
BB3
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Hi Pipstrading, Just trying to learn, and I enjoy your work, Question? What is the maximum retracement of B to be still valid Bat pattern in your opinion?
Also would appreciate how you identified point D, as in the significance of 1.913
Thank you
pipstrading
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@BB3, hello. it looks like you are quite new to BAT pattern. it is written here harmonictrader.com/blog/2013/08/03/bat/ suggest that you refer to this official website / his book.
BB3
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@pipstrading, Thanks for that, it also linked to another site, Steven Hart which was also informative and easy to follow. Only asked as I have been following Tom Hall and he appears to have a different interpretation of the rules, Now Im starting to understand that nothing is set in stone!, so thanks for your help and keep up the good work. Looking forward to see how some of your share trade setups go. good to see this can be applied to longer timeframes as it better suits my trading ideas
pipstrading
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@BB3, you're most welcome. how differently does he use? i think he just use different patterns such as Cypher? yes. harmonics could be applied to longer time frame. what methods are u using now?
BB3
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@pipstrading, Thanks for the reply
Tom states that the B wave should at least touch the 50% retracement point, but not pass 0.618 to be a Bat pattern, and yes he uses Cypher a lot. (Thats my understanding of what he wrote so dont quote me!)
Im only trading ABX, SAND and CLR with options on a 17 day WMA rollover to enter and a MACD to confirm and exit signal. Basically a simple trend following system. My interest in harmonics has come about as I have noticed a lot of fib retracements that have stopped me out only to continue trending.
Makes a lot of sense when you see the likes of your work but when I look at the raw chart, What the? (and thats after Ive seen your work and then gone back to find it myself!)
Any advice would be welcome as long as it is dont give up!
Also would appreciate how you identified point D, as in the significance of 1.913
Thank you