EURUSD, 1H time frame.
AB = .382 of XA
BC = .886 of AB
CD = potential 1.618 projection of BC
the only thing is I can’t get an overall .886XA retracement at the top line (XD), it is stuck at .59. Does this mean it is not a bearish bat?
please give me your input, thanks!
Bro it’s dangerous trying to predict the markets. Harmonics are great but you have to trade what the markets are telling us. For the market to reverse to a bat, gartley or even crab pattern IMO there would need to be a shift in fundamentals. So what I see taking into account fundamentals is a simple ABCD pattern on a 38.2% retracement. So still looking to sell.
Hope that provides one alternate view.
Bob
Not looking for an alternate view, looking for input. Trading fib levels and harmonic patterns which follow a set of rules are more profitably consistent of a trading plan than most others, imo.
OK Input. Simple answer NO.
1st mistake. Patterns are defined by the relationship between the AB to XA, BC to AB and AD to XA legs. Not the BC to CD leg. A bat is defined as a AD to XA retracement of 88.6% so at least you got that bit right.
2nd mistake. The BC to CD leg is not that critical. It is dependent on and inversely proportional to the the AB to XA level. Actually the AB to XA level is not that critical either. As long as it’s no shallower than 38.2 and no deeper than 61.8.
Biggest mistake. Using the word potential. Dude, the pattern hasn’t even formed yet. How can you be even contemplating a trade that hasn’t even formed yet. First rule of harmonic trading
<img src="//babypips-discourse-media-production.s3.amazonaws.com/original/3X/0/5/05b417a9db5264d55796537dadbdb524ed047ecc.jpg" width="348" height="145"><br/>
But this is all Harmonic basics class 1.0.1. Gezz.
There you go, input. But I go bearing a gift, here’s a cheat sheet. Oh yeah input. It can be found using google.
Wow ok thanks for your input, you dont have to be rude. I tried Google, etc that’s why I came here. If you don’t like the newbie questions then stay out of the newbie section.
Hows that bat pattern looking now. Newbies know better than to say
[QUOTE]Trading fib levels and harmonic patterns which follow a set of rules are more profitably consistent of a trading plan than most others, imo./QUOTE]
But I like you so here’s another gift. The only consistently profitable trading plan is your own. You’ll be surprised at what you can create. But you got to do the hard work. Best of luck bro
[QUOTE=bobbillbrowne;665607]Hows that bat pattern looking now. Newbies know better than to say
Trading fib levels and harmonic patterns which follow a set of rules are more profitably consistent of a trading plan than most others, imo./QUOTE]
But I like you so here’s another gift. The only consistently profitable trading plan is your own. You’ll be surprised at what you can create. But you got to do the hard work. Best of luck bro
this is how it’s looking now HAH!
