THE AUSTRALIAN ALTERNATE BAT
The Alternate Bat pattern is a precise harmonic pattern. The pattern incorporates the 1.13 X to A retracement, as the defining element in the Potential Reversal Zone (PRZ). The B point retracement must be a 0.382 retracement or less of the X to A leg. The Alternate Bat utilizes a minimum 2.0 B to C projection. In addition, the AB=CD pattern within the Alternate Bat is always extended and usually requires a 1.618 ABCD calculation.
I have used a 2.0 ABCD calculation in the AUDCAD to get a proper, tight PRZ. If the price comes in the zone, I suggest to watch price action briefly:
1. Wait till the candle closes INSIDE the PRZ, with both borders hit by the up and down wick of the closing candle.
2. Switch to a lower timeframe to execute the order when seeing a confirmation candle like a doji or a bearish engulfing.
3. I've set up 2 targets to cover half of my position at target 1 and I will set my stop-loss to break-even. The other half gets covered at target 2.
May the pips be with you,
~ Chartist
I have used a 2.0 ABCD calculation in the AUDCAD to get a proper, tight PRZ. If the price comes in the zone, I suggest to watch price action briefly:
1. Wait till the candle closes INSIDE the PRZ, with both borders hit by the up and down wick of the closing candle.
2. Switch to a lower timeframe to execute the order when seeing a confirmation candle like a doji or a bearish engulfing.
3. I've set up 2 targets to cover half of my position at target 1 and I will set my stop-loss to break-even. The other half gets covered at target 2.
May the pips be with you,
~ Chartist
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