Potential "Perfect" Bat Harmonic Pattern: - Projected to complete slightly above support - When I use the term "Perfect", I'm referring to the following conditions: - B Point @ Initial 0.5 XA Retracement - 2.0 BC Extension as part of Tight PRZ Confluence - 1.27 AB=CD Completing as part of Tight PRZ Confluence
Market Structure: - Support defined by a price action range that began in early June - Further Past Support established in Jan and Feb - 1D Candles
Entry Requirements: - Beyond 0.382 Time Projection Minimum - Long opportunity: reward/risk roughly = 1.18 > 1.0 (Including spread on entry, take profit, & stop loss)
Entry: - Potential Reversal Zone (PRZ): - Beautiful PRZ Confluence (<5% of Length from X to A) - 1.27 AB=CD - 2.0 BC Ext. - 0.886 XA Ret. - 2.0 BC Ext & 1.27 AB=CD Completion Within Roughly 10 Pips of Each Other
Couple Comments: - I'm sticking to my rules & ignoring fundamentals. I don't enjoy holding positions over the weekend under normal conditions.... so let's throw in an extremely volatile & close presidential election, why not? - IF YOU TRADE HARMONICS, READ THE ORIGINAL BOOK BY CARNEY. ALMOST ALL INTERNET EXPLANATIONS ARE INCOMPLETE
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