Hey, mates. Here's the third part of the research work I did about two years ago. I classified the bats according to the criteria presented on the chart. Then I backtested every type on 5M chart and 5-year period, calculated its accuracy to hit the 0.382AD before 1.113XA. These are the nimbers for GBPUSD pair. Feel free to check the previous parts. I attach them as related idea links.
interesting but i think it makes more sense to see the advanced patterns in context of prpoper wave theory
Alexander_Nikitin
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@ernstschwarz, Well Ralph Nelson Elliot and Harold M. Gartley developed their theories approximately at the same time. Advanced patterns stem from Gartley's research, not Elliot's. No wave count is applicable to them. It was Scott Carney who told to the world that Harmonic Patterns are the patterns that contain Elliots ABC corrective structure. Well, maybe yes. Maybe no. He also told that a pattern must have one to one measured movement or it shouldn't be called a harmonic pattern. He told us many-many other things. But it was Scott Carney, not Ralph Ellitot who told us this stuff. Later on Tradeempowered team modified harmonic patterns deleting the mandatory ab=cd element and changing the fibonacci ratios thus making the patterns non-harmonic. But they also don't say that an advanced pattern is a part of Elliot waves structure. If you have a desire, you can make your own research finding the patterns that line up perfectly with Elliot's theory and show it to the world saying: "This is my research. You can use it or discard it". But until you do this research checking thousands of setups who you are then to think of what makes sense and what doesn't? :)
Don't think me being arrogant. Just some food for thinking....
Rocketman
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@Alexander_Nikitin, All of these 16 types of Bat patterns are from Carney's books? The only pattern that I like is the Head and Shoulder's Imperfect because it makes a clear new high or new low.